In Queensland, median house prices rose by 3.23% in the first quarter of this year and the state’s strongest performer was the Noosa local government area, with a whopping 15.38% quarterly rise to $1.5m, according to figures released by the Real Estate Institute of Queensland (REIQ).
Commenting on the figures, REIQ chief executive Antonia Mercorella said, “The first quarter of 2022 has been fraught with disruptions such as COVID-19 outbreaks, the flooding disaster, the string of long weekends including the standstill of Easter, the looming federal election, and signs pointing to an interest rate rise, with some banks adjusting early in anticipation.”
While this caused some buyers to “hit pause”, Ms Mercorella highlights, “I’m sure the median prices reached this quarter will take some of us by surprise,” noting that Queensland is currently positioned for further growth. “The latest quarterly data tells us the Sunshine State market is still a rising star,” Ms Mercorella said.
“We recognise that at some stage the rate of growth we see in Queensland will start to level and stabilise, simply because it would be difficult to sustain this level of accelerated growth – but for now, there’s still plenty of wind in the sails of Queensland’s property market,” she stated.
Anecdotally, we are seeing healthy numbers through open homes in our local Noosa Hinterland market. Demand continues to outweigh supply and although our rate of price growth is expected to stabilise month to month, we experienced 16% growth in our first quarter average sale price, lifting to $1.06m. We are on track to having a stronger second quarter than the first for inspection numbers, new homes coming to the market and average sale price. Solid advice from experienced agents with an in-depth and hyper-local understanding of the market will be paramount to achieve the best outcomes for individual situations.