Property prices slump in major market slowdown
Property prices have plunged in Queensland over just three months – but it “doesn’t mean demand has disappeared”, according to an expert. See the regions leading the way.
Queensland’s property market has slumped by nearly 40 per cent in just three months, but new data shows demand has not disappeared – it has just shifted.
The figures, released by PropTech firm InfoTrack, analysed sales from April 1 to June 30 this year.
They showed house sales dropped 38.9 per cent, units fell 37.8 per cent, and vacant land declined 36.5 per cent compared to the previous quarter.
But InfoTrack’s chief operating officer Lee Bailie said rather than a fall in underlying demand, the figures reflected a shift in buyer behaviour.
“A near 40 per cent drop in sales is significant, but it doesn’t mean demand has disappeared,” Bailie said.
You might like
“Instead, we’re seeing a reshaping of the market where transactions concentrate on more affordable corridors.”
Buyer activity was most concentrated in Brisbane’s commuter corridors and growth-estate corridors in Townsville, which accounted for a large share of transactions despite the broader market slowdown, Bailie said.
“Buyers are focusing their activity in well-connected, value-driven locations instead of spreading across the state.”
Moreton Bay and Ipswich regions led house sales across Queensland, dominating the top 10 suburbs for the quarter, the figures showed.
Stay informed, daily
Moreton Bay claimed four positions, with Morayfield rising from sixth place in the first quarter to take the top spot, followed by Caboolture at number three, Burpengary at five, and Narangba entering the rankings for the first time at number eight.
“Narangba’s entry into the top 10 reflects the depth of demand across the Moreton Bay corridor,” Bailie said.
“It’s a suburb that tends to attract young families and working professionals, supported by established transport links and ongoing investment in commuter infrastructure.”
Ipswich also performed strongly, the figures showed, with Springfield Lakes reclaiming second position and Redbank Plains securing fourth place.
Further north, Townsville’s growth corridor recorded notable momentum, with Burdell breaking into the top 10 for the first time following a 10.5 per cent increase in sales to the previous quarter.
“Burdell’s entry into the top 10 reflects the impact of large-scale estate developments such as North Shore, where around 2,600 homes have already been delivered and significant new housing supply continues to come to market,” Bailie said.
“A high proportion of sales for the suburb are sitting in the $700,000 to $800,000 range, highlighting the role these planned communities are playing in delivering more attainable house-and-land options in emerging corridors.”
“The Queensland market is clearly recalibrating after a period of strong price growth.
“Activity is now consolidating in a handful of high-growth, affordable corridors,” Bailie said.
Want to see more stories from InDaily Qld in your Google search results?
- Click here to set InDaily Qld as a preferred source.
- Tick the box next to "InDaily Qld". That's it.
