News
10 January, 2025
QLD property market set to shine in 2025
Despite elevated interest rates and global uncertainties, Queensland’s housing market has remained resilient throughout 2024, with CoreLogic’s Best of the Best report showing positive performance despite ongoing challenges.
Nationally, home sales reached 528,000 in the 12 months to November, marking a 6 per cent increase from the previous five-year average, and a surprising 8 per cent rise in total sales over the previous year.
Although growth slowed in the latter part of 2024 due to declining demand, rising supply, and concerns about inflation, Queensland’s market remained relatively strong.
Eliza Owen, CoreLogic’s Head of Research, explained that the national market exhibited “variability,” with growth conditions differing from state to state.
“Even in high growth markets of Adelaide, Brisbane and Perth, there are distinct signs of a cyclical slow down, with the quarterly pace of gains easing over the course of the year.” Ms Owen said.
In Queensland, the strongest performing markets included both capital cities and regional areas.
Brisbane’s unit markets, in particular, saw impressive growth, while areas like Noosa Heads experienced high rent growth, with rentals rising by 23.7 per cent in 2024.
In Brisbane and regional areas, the most affordable homes saw quicker growth, while the upper-end markets in the state experienced a slowdown.
“Buyers have gravitated towards more affordable options, which has helped to drive value growth in the lower price ranges,” Ms Owen said.
Looking ahead to 2025, Ms Owen predicted that, while the broader market could experience some softening in house prices, Queensland will continue to attract demand for affordable housing, with potential growth in the second half of the year if interest rates are lowered.
As Queensland’s housing market continues to respond to affordability pressures, it remains a significant player in Australia’s overall property landscape.
For units, Brisbane and Perth dominated, but the standout regional performer was Dolphin Heads in Mackay, where unit values surged by 52.8 per cent, making it one of the top performers in the country.
Despite higher interest rates, the more affordable segments of the housing market outperformed other price categories.
To view full report visit www.corelogic. com.au/news-research/ news/2024/2024-a-year of-waning-demand,-rising supply-and-waiting-for interest-rates-to-fall
