Queensland recorded the highest number of residential property sales in Australia in Q3 2024, with nearly $40 billion spent. Over 48,000 property sales were finalised during the quarter, making a 27% increase compared to the same time the previous year. Queensland’s popularity was further underscored during the Q4 2024 quarter, when Ray White shared an analysis of nearly 10,000 of their auctions, confirming that the Sunshine State’s property market remains the strongest in the country.
Statistics from the article indicate that the Gold Coast remains a popular choice for buyers, although the proportion of interstate buyers has decreased. The current interstate buyer statistic is 18.4%, down from 27.4% in 2023. Despite this, the Gold Coast continues to attract investors, who made up 33.7% of buyers at auctions in 2024, an increase from 28.8% reported in 2023. Brisbane has also remained a strong option for interstate buyers, with Ray White auction results presenting that 27.3% of investors made up the market in 2024. This is slightly higher than the 24.7% recorded the previous year.
Elite Agent also reported that the latest HIA Housing Scorecard revealed Queensland as the top ranking state for renovations and new homes, driven by an influx of overseas and interstate migration. The HIA Housing Scorecard measures building activity against long term averages, reaffirming Queensland’s rapid growth in popularity over recent years and highlighting the need for increased housing supply to meet demand. Western Australia secured second position, with South Australia ranking third.
Recent data from NAB has revealed the regional hotspots experiencing growth in Australia, with Queensland dominating the market. All featured locations are in Queensland, New South Wales, and Victoria, and the growth regional Australia is experiencing is currently outpacing that of capital cities. While New South Wales secured the top position on the list, Queensland had six regions feature, highlighting the Sunshine State’s popularity.
Top 10 Regional Hotspots for Property Purchases:
Furthermore, the Regional Australia Institute (RAI) has reported that relocation rates from cities to regional communities has doubled over the past 18 months. A nationwide survey conducted by RAI revealed a surprising result: 40% of Australians residing in capital cities indicated they would consider moving to regional areas. This marks a significant increase from 20% in May 2023 and has raised concerns around housing supply and infrastructure.
Liz Ritchie, RAI CEO said, “Regional Australia is simultaneously experiencing two unprecedented transformations – a once-in-a-lifetime population shift and the net zero transition, which is increasing demand and need for improved services and infrastructure in regional communities.”
She elaborated, “Many regions are already struggling with housing, particularly rental markets, and until region-specific policy measures are put in place, this will on be further magnified.”
Metrics show that the regional rental vacancy rate decreased from 1.5% in 2023 to 1.3% in 2024. Additionally, building approvals have declined in regional communities over the last year, down by 9.4% in May 2023 and May 2024.
An example of regional acceleration and the pressures on housing supply is evident in Cairns. Advance Cairns CEO and RAI member Jacinta Reddan highlighted that the population in Far North Queensland has increased by 5.2% over the last five years.
Ms Reddan said, “In the past year alone, growth in the Cairns region accelerated to 1.8%. If this trend continues, we could see the region grow to more than 280,000 residents by 2026 – far surpassing current government projections.”
The RAI and Commonwealth Bank Australia (CBA) recently released the Regional Movers Index (RMI) report, which analysed movement between capital cities and regional areas in Australia. The report revealed that Australia’s regional areas have become the preferred choice for many, with data showing continued relocations from cities to regions. The data concluded that relocations from the cities to the regions are sitting at 19.8% above the pre-COVID average and 1.8% above the recorded average during peak lockdowns. Sydney and Melbourne remain the primary areas of out-migration.
It was announced in October 2023 that the Queensland Government passed the Property Law Bill 2023, which will introduce a range of changes to the state’s property laws.
The mandatory Seller’s Disclosure Regime comes into effect on 1 August 2025, requiring property sellers to provide prescribed certificates and a disclosure statement about the property to a prospective buyer before a contract of sale is signed. This ensures that buyers have access to appropriate information about a property before proceeding with the purchase and applies to both residential and commercial property sales.
How does this impact real estate agents?
Hotspotting’s recent Top 10 National Best Buys report predicts that Melbourne and Darwin could experience increased sales activity and population growth in 2025.
Terry Ryder, Hotspotting Director said, “Darwin’s market recovery over the next six months is notable, with increased sales activity and population growth.”
He also highlighted that due to affordable housing and high rental yields, Darwin will be an attractive choice to investors:
“Darwin is showing signs of price growth and is becoming more appealing to investors,” he said.
The report focuses on several Darwin suburbs promising growth potential, including Zuccoli, Gunn, Bellamack, Durack, and Woodroffe.
In addition to Darwin, Melbourne has also been identified as a top investment location this year, despite property prices declining in 2024. The Hotspotting Top 10 Best Buys report evaluates regions based on factors such as infrastructure, employment, lifestyle, and more. It predicts Melbourne could see a rebound in property activity in 2025.
Terry further commented, “Melbourne faced challenges in 2023 and 2024, but it’s poised for a comeback next year.”
“It’s price gap with Sydney and high population growth, despite high state taxes and ongoing governance issues, make it an attractive prospect,” he added.