Regional Queensland and Queensland Property Market Insights

Decline in Home Values Leads to a Shift in Australia's Housing Market

Projected House Prices in Australia in 2030 Show Significant Growth in Urban Areas.

  1. The median price of an Australian country-dwelling-

Property in well-located capital cities has an average annual growth rate of around 7%, meaning Australian residential value by 2030 should be $1.2 million.

  1. Melbourne-

By 2030, households are forecast to reach $1.6 million and $1.1 million for apartments, with historical annual growth rates of 7.9% for houses and 7.73% for apartments over the past 40 years.

  1. Sydney-

The average is expected to be just over $2 million by the end of the decade, with the increase driven by significant population growth and large-scale infrastructure development.

  1. Brisbane-

Currently, with a median property value of $796,818, home values ​​are expected to rise to about $1.3 million by 2030, helped by significant population growth and infrastructure spending.

  1. Perth-

Over time, Perth house prices have recently increased dramatically, with house prices expected to reach around $980,000 by 2030.

  1. Adelaide-

House prices in Adelaide have risen 357% in the past 30 years, meaning house prices could exceed $1.1 million by 2030.

These forecasts are based on historical data and various factors affecting each city’s property market. While these projections provide insight into future possibilities, it is important to consider the dynamic nature of the real estate market and the external factors that can affect property prices over time.

Factors Influencing the Australian Property Market

The various factors that have historically influenced the property market influence the fundamental drivers of house prices in Australia.

  1. Resilience Through Challenges
    The Australian property market has remained strong despite facing challenges such as high and low-interest rates, inflation and volatility, changes in government, changes to the tax system, foreign conflicts and economic sanctions in the last three decades.
  1. Population Growth and Wealth
    Australia’s strong population growth and national wealth have driven residential property prices steadily over the long term, contributing significantly to house price stability and growth.
  1. National Property Market
    With 11.1 million residential properties worth $10.3 billion spread across some 15,000 suburbs, residential properties comprise 56.7% of Australian households, including investors in Australia, about 30% of housing units out of the 22.4 million in the country. There are many private property investors.

These drivers collectively shape the dynamics of the Australian property market, influencing growth and price trends in various cities such as Melbourne, Sydney, Brisbane, Perth, Adelaide etc.

Regional Queensland’s Housing Prices are Increasing Significantly

Regional Queensland’s property market is experiencing a dramatic surge in buyer activity, transforming the initial recovery into a potential boom. This is according to the latest Price Predictor Index, which shows a significant increase in the number of locations with rising markets and a decrease in those with negative trends.

3.1 Key Findings

Overall Rise: 76% of Regional Queensland locations now have positive classifications (rising, consistent, or recovering), compared to just 32% six months ago.

Rising Markets Up: The number of rising markets has skyrocketed from 16 in Winter 2023 to 93 in the current Summer 2023-24 survey.

Declining Markets Down: The number of declining markets has plummeted from 86 in Winter 2023 to just 13 in the current survey.

3.2 Regional Leaders

Gold Coast: The Gold Coast is leading the charge, with 46 out of 49 suburbs exhibiting positive classifications, including 23 rising markets.

Sunshine Coast: The Sunshine Coast is on the recovery path, with 32 out of 46 locations showing positive signs but with fewer rising markets (11) compared to the Gold Coast.

Other Strong Performers: Cairns, Gladstone, and Rockhampton are also experiencing positive trends, with a mix of rising and recovering suburbs.

Cities in Transition: Mackay, Bundaberg, Fraser Coast, and Townsville are dominated by recovering suburbs, indicating a positive shift towards growth.

Toowoomba: Toowoomba, a previous national standout, might be experiencing a moderation, with 10 out of 25 locations showing negative classifications. However, a resurgence is expected with upcoming infrastructure projects.

Queensland’s Budget has Given Billions for Jobs and Infrastructure

Known as “The Big Build”, Queensland Budget 2023-24 focuses on ongoing investment to improve the viability and sustainability of Queensland communities The Government’s commitment to support economic and social development infrastructure for national growth. With an impressive $88.729 billion 4-year capital plan, the Budget is set to create approximately 58,000 jobs, improve infrastructure and provide a higher level of comfort for all Queenslanders Outstanding actions are investments will close energy transitions, water projects such as the Fitzroy to Gladstone pipelines, the budget also emphasises job creation and community capacity building.

Brisbane 2032 Olympic and Paralympic Games

5.1 The 2023–24 Budget Continues to Support Brisbane’s Preparations for the 2032 Olympic and Paralympic Games

Brisbane provides additional funding of $100.3 million over 4 years for the 2032 programme, running at $13.6 million per annum. The Brisbane 2032 Communications Office will oversee key aspects of preparations for the Games. This includes planning and coordinating initiatives such as athletics centres, athlete villages, transport, the environment, heritage, First Nations and security Liaison Office, as well as Brisbane’s 2032 Olympic and Paralympic Games strategy the committee will work closely to ensure that the government meets its treaty commitments and goals.

$7.5 million has also been allocated over four years to support the Queensland Police Service’s specialist security advice programme.

The 2023–24 Budget provides for capital expenditure of $7.1 billion over 10 years for Brisbane 2032 area Infrastructure.
This spatial plan is jointly funded by the Queensland and Australian governments in support of the Brisbane 2032 host. The allocation of funds for a specific site project will be subject to government funding decisions following the completion of the project evaluation.

The events program program includes the Brisbane Arena ($2.5 billion), Gabba redevelopment ($2.7 billion) and 16 new or improved venues in the Small Venues Program ($1.9 billion) Forecast venue plan costs over 4 years through 2026-27 total $1.9 trillion.

Brisbane Leads National Surge as Australian Property Prices Hit Record Highs

The Queensland property market has reached a new record high, with experts predicting Brisbane will be one of the state’s biggest market performers by 2024 as property prices rise.

Property prices are on the rise across Australia, with prices outstripping rents for most of the last 11 years.

In 2023, property prices will rise 8.1% nationally, with the biggest increases in Perth, Brisbane and Sydney.

House prices rose 0.4% nationally in January 2024, marking the 12th consecutive month of price increases, with Perth leading the gains.

The difference between house prices and single-unit prices also hit a record high, indicating that property prices are rising.

Conclusion

The Australian property market is booming, with regional Queensland seeing an increase in buyer activity. Brisbane in particular will be a major market player by 2024, with spending on infrastructure, the Olympics in 2032 and population growth all fueling it. Regional locations such as the Gold Coast and Sunshine Coast also are seeing strong positive growth.

By partnering with Success Avenue, you can navigate this dynamic market and make informed investment decisions.
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