News Corp Australia Network
House prices continue to rise in Townsville, with new data showing an upward trend over the past quarter and over the past year.
Townsville's median house price rose 2.39 per cent to $403,000 in the three months to November, according to the latest Prop Track House Price Index.
Compared to the previous year, it increased by 7.13%.
PropTrack senior economist and report author Eleanor Cree said the median house price in Greater Queensland rose 0.35 per cent in November to remain at $632,000.
“This has seen regional prices rise by 7.36 per cent compared to November last year and 59 per cent above pre-pandemic levels, making regional Queensland the best-performing market in the country since the pandemic.” she stated.
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Eleanor Creagh, PropTrack Senior Economist Photo: Supplied
The median house price in regional Queensland was $652,000, up 0.46% month-on-month and 6.96% year-on-year, the report said.
The median unit price in November fell 0.07% to $597,000, but was still 8.87% higher than a year ago.
Mr Cree said in Brisbane, house prices rose 0.2 per cent over the month to a median price of $775,000, despite slower price growth.
“Prices in Brisbane are now 8.85 per cent higher than they were a year ago and 8.91 per cent year-to-date,” she said.
“Brisbane house prices are up 54.9 per cent compared to pre-pandemic in March 2020.”
The house at 37 Wareham Street, Aitkenvale, sold for $748,000 in November. Photo: realestate.com.au
In Queensland's capital city, the median house price was $868,000, up 0.28 per cent in November and up 8.8 per cent last year.
The median unit price in November decreased by 0.29% to $580,000, but increased by 9.17% from the same month last year.
Mr Cree said house prices nationwide rose 0.22% in November to a record high of $761,000, with the figure up 5.53% so far this year and the previous high recorded in March 2022. The company said it was 1.29% higher than the previous value.
“Strong housing demand, supported by record net outmigration, a tight rental market, low unemployment and rising home equity, combined with limited housing stock, will offset the impact of higher interest rates this year,” he said. “
The property at 41 Elford Place in Mount Louisa sold in November for $805,000. Photo: realestate.com.au
“Despite interest rates rising again in November and the flow of properties being listed on the market increasing, demand for housing remains strong and national prices have now risen for 11 consecutive months.
“Meanwhile, rapidly rising construction costs and labor and material shortages are delaying new build deliveries and hampering the supply of new homes.”
Mr Cree said house prices were likely to rise further in 2024, but at a slower pace.
“We expect prices to continue rising as tailwinds to housing demand and a slowdown in new home completions counteract a sharp deterioration in affordability and economic slowdown,” he said.
