Local property market starts to ease

August 29, 2022 6:59 am in by

Generic realestate images from the Queensland suburb of Stafford, Saturday, January 6, 2018. (AAP Image/Glenn Hunt) NO ARCHIVING

Property prices are still going up in Queensland, but the experts say growth has eased from a sprint to a run.

New data from the Real Estate Institute of Queensland (REIQ) reveal median house prices jumped 2.71 per cent in the Mackay region over the June quarter.

The average home will now set you back around $436,000.

REIQ CEO Antonia Mercorella says the results show Queensland’s soaring property market growth has started to show signs of calming.

“You only need to take a look at the rate of price growth over the past year, with some areas achieving an incredible 20-30 per cent growth year on year, to realise the property market couldn’t keep up that accelerated pace forever,” Ms Mercorella says.

“This quarter we’re still seeing healthy growth in most major markets, but at a more sustainable level, as Queensland’s property market appears to finally have caught up on the growth it was well overdue for.

“What this means on the ground is that the property buying frenzy has relaxed, allowing a slower, more considered approach from buyers which is evidenced by longer days on market.

“Honestly, it’s good to see some sense of calm returning to the market, taking buying activity from madness to measured, where both agents and buyers can take a breath.

“The rise of risky behaviours such as buying sight unseen, impossibly short settlement periods, and waiving cooling off periods are hopefully behind us now.”

Ms Mercorella says Queensland’s property market remains resilient despite recent hits to hip pockets and borrowing constraints.

“Consecutive interest rate rises and inflation are seeing households tightening their belts, however this is against the backdrop of very low unemployment, pent up wage growth expectations, continued high interstate migration, an extremely tight rental market, and the return of international migration further boosting our state’s population,” she says.

“These are all factors that will buoy Queensland property prices, and should give buyers confidence in investing in our state.”

Image: APP