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Queensland's housing market is surging. In recent years, renters, homebuyers and investors alike have increased their focus on the northeastern state thanks to its growing economy and year-round sunny weather. It's no surprise then that property prices are on the rise.
In Brisbane, Queensland capital city, property prices rose 16.6% between November 2023 and November 2024, according to CoreLogic Research's December 2024 Hedonic Home Value Index. And many market players are expecting the growth spurt to continue into the new year. Australian real estate giant Raine & Horne has estimated Brisbane's housing market will grow 5% to 8% in 2025. Investment research firm Propertyology has projected the far northern Queensland city of Townsville will grow between 25% and 30% this year, according to its 2025 Property Market Outlook, with as many as half a dozen other cities in Queensland expected to have double digital capital gains in the 12 months ahead.
"In Queensland, there's so much confidence right now, so much cash around and so much positivity in the market," Darren Coff, managing director at Gold Coast-based brokerage Investure, told Australian Broker. "There's a lot of money floating around and people are happy to spend it when they have it."
But it's not just property prices that are on the rise. Inquiries to buy homes in the area are also trending north, along with both investor and renter interest. This is creating renewed opportunities for brokers.
Some examples are the newly-opened-$3.6-billion Queen’s Wharf Brisbane Integrated Resort Development, which will continue to attract talent to the areas with new job opportunities.
“This will drive up demand for rentals, which is excellent news for landlords and for investors considering investing in Inner Brisbane," said Gary Hasset, Queensland state manager at Raine & Horne. “We are seeing more green shoots of activity, particularly from vendors seeking to benefit from good demand and decent growth."
Chris Meaker (pictured above left), director, head of sales and distribution at Brighten, a non-bank lender, said his firm has had a similar experience in Queensland.
"There's been so much growth in Queensland to the point where we actually had to hire another business development manager there three months ago to cover the growing need for us," he said. "It's a very vibrant market."
Meaker, who is based in Melbourne, said about 99% of his firm's business comes by way of brokers.
The Sunshine State has long been a place for tropical holidays, retirement communities and second homes for the very lucky. But, increasingly, both investors and working-age Aussies are flocking to Queensland to buy property thanks to its economic opportunities, growing population and lower cost of living.
Meaker attributes some of the migration to lifestyle trade-offs as well.
'We don't need to go into the office as much and that means your lifestyle is changing," he said. "So we're seeing a lot of customers who are looking to downsize, or move further afield, out of the city, and enjoy beach life."
Jake Sgarbossa (pictured above right), head of commercial and property finance broker at Melbourne-based My Mortgage Freedom, agreed that many people are moving to Queensland to chase the nicer weather and more laidback lifestyle. But he added that the region is also a good investment opportunity.
"Particularly those looking to ‘right size’ from Melbourne and Sydney. The region has experienced significant growth in recent years," he said.
With so much business floating around Queensland, brokers would be wise to stay up-to-date on current market dynamics and how they can best help clients.
Firstly, this means understanding that potential buyers are facing a lot of competition.
"It's hard to find a house," Coff said. "If a house is the slightest bit desirable, then it's moving. There's been a little bit of cooling at the top of the market, the $2 million-plus properties. But the bread and butter, sub $1.5 million homes, especially in Southeast Queensland, they're selling; they're competitive."
Coff – who is based in the Gold Coast, but works with clients all over the country – said he often works with referral partners in other cities because of the need for speed, particularly for buyers coming from other parts of Australia. He said would-be buyers in Queensland routinely get outbid, with three or four offers on a single property. That means brokers need to move fast.
"They need to have the ability to service the client quickly; they need to know what the true figures are. Or they're just missing out," Coff said. "It's about having relationships with lenders, including non-bank lenders; it's about having systems and processes in place, having strong relationships with banks. It's about having those relationships with banks so if you need to call them up and need something approved in two days you can. Some banks are still taking an awful long time for approvals and the market is not accepting extensions anymore. And it's about knowing what's holding up the client. Are they trying to invest? Hold? Is it a debt recovery?"
