March Quarter 2022: Queensland Defies Downturn
June 10 2022
The Real Estate Institute of Queensland (REIQ) reports median house prices rose by 3.23% in the three months to March, while median unit prices grew 2.17%.
REIQ CEO Antonia Mercorella says the latest quarterly data shows the Sunshine State is still a rising star, coming off the back of two years of extraordinary price growth.
A positive March quarter performance comes despite a slew of disruptions from ongoing Covid cases, flood disasters, a string of long weekends including the Easter break, and the then looming Federal election.
While relative affordability has driven healthy growth in Brisbane, REIQ reports that regional centre property markets and communities also continue to benefit from a growth uplift.
Mercorella says Queensland has all the fundamental ingredients for continued growth – a booming population, very low supply, strong and cashed-up buyer demand and relative affordability.
Even in the face of this week’s RBA cash rate increase, the REIQ expects this will take time to noticeably impact buyers’ pockets and sale prices in Queensland.
In the meantime, the clear supply shortage will continue to tip the scales in favour of sellers, as buyers compete to secure a property.
The REIQ does warn that at some stage the rate of growth will start to level and stabilise, but for now there’s still plenty of wind in the sails of Queensland’s property market.