Adam Empringham,
Director of Sales at Image Property.
SOUTH-EAST QLD PROPERTY MARKET UPDATE Q2 2023
In our South-East QLD Property Market Update Q2 2023: Notable changes during the past quarter if you’re thinking of buying, selling or renting your property.
The South-East Queensland property market has experienced significant activity in the second quarter of 2023.
As the region continues to thrive, both rental and sales markets have seen notable trends and developments.
In this article, we will delve into the quarter 2 wrap-up of the South-East Queensland property market, analysing key factors influencing both the rental and sales sectors.
South-East QLD Property Market Update Q2 2023: Rentals
The rental market in South-East Queensland has remained strong throughout the second quarter of 2023, with steady demand and evolving dynamics.
Rental demand in the region has continued to be robust, fuelled by population growth, economic stability, and lifestyle factors.
The increased demand has put upward pressure on rental prices, resulting in moderate rent growth across various property types.
Tenant preferences have undergone some changes in Q2 2023.
Due to the increased popularity of remote work and flexible arrangements, properties offering home office spaces or dedicated workstations have seen heightened demand.
Additionally, properties with outdoor spaces, including balconies or gardens, have become more sought after as residents seek to maximise their living environments.
The rental vacancy rates have remained relatively steady, with minor variations observed across different suburbs.
In Brisbane, the current vacancy rate is 1.5%, showing a slight change of 0.02% since March 2023.
On the Sunshine Coast, the vacancy rate has increased from 1.3% to 1.9% since March 2023.
The Gold Coast maintains a vacancy rate of 0.8%, which is consistent with the previous quarter.
Although some areas may experience slight fluctuations, the overall rental market has maintained a balanced supply and demand equilibrium.
When considering both houses and units, notable changes can be observed in the median rents of key areas.
Here is a summary of the latest data:
Brisbane: The median rent for combined houses and units in Brisbane is currently $620 per week, reflecting a moderate increase of 2.5% compared to the previous quarter. This indicates a steady growth in rental prices.
Sunshine Coast: On the Sunshine Coast, the median rent for combined houses and units stands at $657 per week. However, there has been a slight decrease of 0.6% from the previous quarter, suggesting a potential shift in rental dynamics.
Gold Coast: Among the three cities, the Gold Coast experienced the most significant decline in median rents during this quarter. With a substantial decrease of 7.9%, the median rent now stands at $819 per week. This downward trend indicates a potential opportunity for tenants seeking more affordable rental options in the area.
South-East QLD Property Market Update Q2 2023: Sales
The sales market in South-East Queensland has exhibited robust activity during the second quarter of 2023, driven by favourable market conditions and increasing buyer confidence.
The sales market has seen a surge in transaction volume, indicating a strong appetite for property ownership.
This heightened activity has contributed to steady price growth in the region.
However, the rate of price appreciation has moderated compared to previous quarters, signifying a more sustainable and balanced market.
Different suburbs within South-East Queensland have experienced varying levels of growth and buyer interest.
Coastal areas, such as the Gold Coast and Sunshine Coast, have remained popular, attracting buyers seeking beachside or waterfront properties.
Additionally, suburban areas with strong infrastructure, amenities, and access to transportation networks have also witnessed increased demand.
According to SQM Research, the median asking prices for combined houses and units in Brisbane is $870,060 which is a 14.6% increase from last quarter.
For the Sunshine Coast, it came down by 1.3% to $814,514 and for the Gold Coast median combined prices increased by 3.4% to $1,020,183.
This quarter has also seen continued interest from first-time homebuyers, supported by government incentives.
Additionally, investors have shown a renewed enthusiasm for the market, driven by the potential for long-term capital growth and rental returns.
The second quarter of 2023 has showcased a resilient and thriving property market in South-East Queensland.
Both the rental and sales sectors have demonstrated growth, with steady demand, price appreciation, and evolving buyer preferences.
As the region continues to attract residents and investors, it remains an attractive destination for those seeking a vibrant lifestyle, robust economy, and long-term property opportunities.
However, as with any market, it is essential for buyers, sellers, and investors to conduct thorough research and seek professional advice to make informed decisions in this dynamic environment.
At Image Property, we have a thorough understanding of the South-East Queensland property market. Our team are committed to helping you achieve your property goals, whether you’re looking to sell, buy or rent out your property.
Get in touch with us today to learn how we can help you get the best possible outcome for you and your property.
Source – Property Update: Brisbane Property Market Forecast for 2023 (propertyupdate.com.au)
Source – SQM Research: SQM Research
