Queensland’s Million-Dollar Property Markets Soar in 2024
As we delve into the evolving dynamics of Australia’s real estate landscape, Queensland emerges as a standout in the luxury property market. The latest CoreLogic Million Dollar Markets Report for September 2024 highlights a significant surge in million-dollar suburbs across Queensland, reflecting a trend that could impact buyers, sellers, and investors alike.
Brisbane’s Remarkable Growth
2024 has been a stellar year for Brisbane’s property market, with an impressive increase in suburbs where the median house values have crossed the million-dollar threshold. The city recorded 46 new million-dollar house markets, mirroring the growth observed in Sydney but outpacing it in the context of percentage increase relative to total suburbs. Despite a robust 19.4% rise in unit values, none of Brisbane’s unit markets have yet breached the million-dollar mark, hinting at potential growth areas. Notably, suburbs like Hamilton and Ascot now boast the highest median house values, with Hamilton experiencing a 1.2% rise to overtake Ascot.
Dominance of Regional Markets
Regional Queensland has seen the most substantial net increase in million-dollar suburbs among all Australian regional markets. With 30 new entries into the million-dollar club, areas like the Gold Coast and Sunshine Coast dominate this segment, contributing to nearly all the high-value market activities in the region. The picturesque suburbs of Goldsborough and Palm Cove are notable new entrants, enhancing the appeal of Queensland’s tropical regions.
Implications for the Market
The surge in million-dollar properties across Queensland signals a shift in the state’s affordability landscape, largely driven by ongoing interstate migration and limited new housing stock. Brisbane’s ascent to becoming the second most expensive capital city in Australia, alongside the price hikes in the Gold and Sunshine Coasts, reflects broader trends affecting market accessibility and investor interest.
The transformation in Queensland’s property market underscores the growing demand for luxury and high-value properties. For potential investors and homebuyers, these trends point to a rapidly evolving market that offers both challenges and opportunities.
At Bromley Real Estate, we understand these market dynamics intimately. Our team of seasoned real estate professionals is equipped with the latest data and trends to provide tailored advice that helps our clients capitalize on these opportunities. Whether you’re looking to invest in one of the new high-value suburbs or need strategic guidance on navigating the shifting market landscape, Bromley Real Estate is your partner in making the most informed and strategic property decisions.
For detailed insights and a deeper understanding of how these trends could affect your property decisions, explore the full CoreLogic report here.