skip to Main Content

Property Market Update September 2023

Spring has just begun, and that means it’s a busy time for the real estate market.

So, what’s been going on in the world of property lately?

The Reserve Bank of Australia (RBA) hasn’t changed the interest rate, keeping it at 4.1 percent. Meanwhile, home prices in Australia are still going up, though not as fast as before.

ALL PICS  & INFO SOURCED FROM REIQ SO PLEASE include that in fine print

SALES HOUSE MARKET INSIGHT

  • The highest house sales in the quarter were in Brisbane (2,774), Gold Coast (1,780), and Moreton Bay (1,530), followed by Logan (1,177) and Sunshine Coast (1,056).
  • Over the past year, house listings across Queensland dropped by 18.8%, with nearly every major market showing a double-digit decrease in available homes.
  • Noosa remained the most expensive housing market in Queensland this quarter with a median house price of $1.3 million, followed by Brisbane ($1.02 million), Gold Coast ($985,000), and Sunshine Coast ($936,000).
  • The strongest quarterly house market performers were Brisbane (4.62%), Redland (4.58%), and Noosa (4%).
  • Cairns (-0.35%), Townsville (-0.07%), Sunshine Coast (0.15%), Moreton Bay (0.71%), and Toowoomba (0.95%) remained relatively stable quarter on quarter.
  • Looking at annual growth, the top five double-digit house market performers were Bundaberg (15.19%), Ipswich (11.34%), Toowoomba (10.75%), Fraser Coast (10.71%), and Rockhampton (10.61%).
  • Logan (8.77%) and Cairns (8.65%) also recorded impressive annual growth.
  • While some house markets experienced a dip in annual growth including Noosa (-4.2%), Brisbane (-2.48%), and Sunshine Coast (-0.53%), it’s worth noting that these markets also have the highest median annual sales prices and showed strong post-COVID growth. Recent quarterly data indicate positive growth trends.
  • Almost all major markets saw a significant increase in the annual median days on market compared to the previous year, with the longest sales campaigns in Noosa (57 days), Gladstone (42 days), Sunshine Coast (38 days), and Fraser Coast (35 days).
  • The fastest-moving markets were Toowoomba (18 days), Bundaberg (19 days), Cairns, and Ipswich (both 20 days).

SALES UNIT MARKET INSIGHT:

Unit Market Highlights

  • Brisbane (2,550) and the Gold Coast (1,532) remained the top unit markets in terms of quarterly sales, even though annual listings significantly decreased.
  • Similar to the housing market, unit listings statewide dropped by 17.7% over the year.
  • Noosa continued to be the most expensive unit market in Queensland, with a median unit price of $1,052,500 this quarter, surpassing Gold Coast ($645K) and Sunshine Coast ($615K).
  • Brisbane ranked fourth with a quarterly median unit price of $528K, which is just over half of Noosa’s, highlighting Noosa’s unique strength in overshadowing the capital city.
  • Bundaberg had the highest quarterly growth among unit markets at 15.45% with 58 sales, followed by Ipswich (8.48%), Noosa (7.39%), Gladstone (6.38%), and Fraser Coast (4.88%).
  • Some unit markets saw a decrease this quarter, including Toowoomba (-9.21%), Mackay (-8.33%), Sunshine Coast (-3.91%), and Rockhampton (-3.69%). However, they all showed positive year-on-year trends. Townsville’s unit market had a slight decline this quarter (-0.49%).
  • Annual unit market growth was strong in Fraser Coast (17.73%), Bundaberg (15.45%), Logan (14.82%), Ipswich (13.69%), Toowoomba (12.5%), Cairns (11.11%), Redland (10.43%), and the Gold Coast (10.09%).
  • Greater Brisbane, with an annual median unit price of $480,000, saw relatively steady annual median days on the market, fluctuating only slightly.
  • In Queensland’s tourism hubs, some sales campaigns doubled in length, with the longest times seen in Gladstone (62 days), Mackay (54 days), Townsville (49 days), and Rockhampton (45 days). Buyers in Bundaberg (20 days) and Toowoomba (21 days) needed to act more quickly.
  • The fastest-moving unit markets were Cairns and Redland (both 18 days), and Logan (19 days).

RENTAL MARKET INSIGHT: 

SQM Research reported that in August 2023, the national rental vacancy rate for homes dropped to 1.2%. This means there are fewer available rental properties in Australia. The total number of vacant rental homes decreased by 3,439, leaving 35,425 homes available for rent. This rental housing shortage is becoming more serious.

Almost all major cities saw fewer vacant rentals. Sydney, Perth, and Canberra had lower vacancy rates, with Sydney at 1.4%, Perth at 0.4%, and Canberra at 1.9%.

In Sydney’s CBD, the vacancy rate went down to 4.6% after going up in July 2023.

However, Melbourne CBD and Brisbane CBD had more vacant rentals, with rates of 5.2% and 1.8%, respectively.

In many regional areas, there were fewer vacant rentals as well. The North Coast NSW had a vacancy rate of 1.6%, and the Gold Coast Main had a rate of 1.3%. The Blue Mountains remained stable at 1.5%.

ASKING RENTS: 

In the last 30 days, rent prices in the capital cities went up by 0.2%. Over the past year, they’ve increased by 16.1%. House rents in the capital cities increased by 0.4% in the last month and have gone up by 14.9% over the past year.

Unit rents stayed the same in the last 30 days but increased by 17.4% over the past year.

The median weekly rent for all types of homes across the country is $584.32 a week. In the capital cities, it’s higher at $677.25 a week.

For houses in the capital cities, the median rent is $779.00 a week, while for units, it’s $588.00 a week. Sydney has the highest rent for houses at $977.65 a week, while Adelaide has the most affordable unit rent at $432.87 a week.

Canberra saw a small drop in rent this month, down by 1.4% for all types of homes. In Hobart, rents for all types of homes fell by 1.2%, mainly because house rents went down by 2.2%.

Back To Top