Queensland Property Report
Queensland is a large and diverse state. You’re likely to find whatever you’re looking for in your new property within Queensland’s far-reaching borders. With less than half the population of Sydney or Melbourne, Brisbane is a more laid-back, relaxed, and peaceful place to live. As Australia’s third largest city, Brisbane house prices are significantly more affordable.
Top Property Locations
Queensland has received more interstate migration than any other state in Australia, propelling Queensland’s property market. As people move away from the overpriced and over-populated southern cities, Queensland is witnessing a housing boom. Why wait to get on the Queensland property ladder? Speak to a mortgage broker to take advantage of this opportunity now.
Here are our top property locations in Queensland.
Bundaberg East
Median house price: $310,000
If you want a quiet, family-friendly, respectful neighbourhood in Australia, look no further than Bundaberg East in the Bundaberg Region. Bundaberg is a dynamic and emerging Queensland city with significantly lower house prices. Bundaberg East sits on the east coast, half a day’s drive from busy Brisbane.
The median house price in Bundaberg East is $310,000, while the unit market is slightly cheaper at $265,500. Around 70 properties sold in the last twelve months. House prices are relatively stable, with long-term growth potential as more and more Australians set their sights on regional Queensland
Burleigh Waters
Median house price: $1,475,000
Burleigh Waters is just an hour away from Brisbane, on the Gold Coast. It’s a scenic suburb with a diverse demographic. Find yourself fishing, surfing, dining out, or taking a stroll around one of the area’s tranquil parks.
House prices increased 34.1% over the last year – promising strong growth and housing demand. Its proximity to Brisbane and the Gold Coast means property prices are higher than surrounding areas – but well worth the investment.
The median house price is $1,475,000, with 207 houses sold over twelve months. Unit prices are around $693,000, with a similar price growth of 33.1% and 115 sold in the last year.
Centenary Heights
Median house price: $495,000
Stretching two hours away from the coast in the Toowoomba Region, Centenary Heights. It’s a relaxed, family-friendly suburb perfect for retiring expats or young families returning to Australia. Centenary Heights is just 4km from the Toowoomba CBD; meanwhile, the suburbs offers plenty of beautiful parks and green spaces.
The median house price in Centenary Heights is a highly affordable $495,000, up 22.2% over the last year. Unit prices cost $365,000, with more marginal price growth of 1.1%. There are plenty of housing opportunities in Centenary Heights – about 180 sell yearly.
Speak to mortgage brokers in Brisbane and regional Queensland to make your property ownership dreams come true.
Average Property Price Queensland
The housing market in Queensland and Greater Brisbane is attracting many home buyers. With so many investment property opportunities and idyllic neighbourhoods for owner-occupiers, there are plenty of reasons to buy a home in Queensland. Moreover, in parts of Brisbane and regional Queensland, house prices have the highest growth rate throughout Australia.
The average property price in Brisbane is currently $772,630.
We’ll help you find the right property and home loan to enter the property market at the perfect time.
Average House Price Queensland
House values in Brisbane were relatively stable for years, with only incremental growth. However, with the recent pandemic driving Aussies and expats away from the busy southern cities, Brisbane house prices shot up over the last few years. This time two years ago (August 2020), you could buy a house in Brisbane for $641,666. Today, you’ll pay $917,288 for the same property.
Prices peaked in June 2022 and are now stabilising and decreasing in some areas of Brisbane.
The Brisbane housing market has grown 5.8% in the last ten years (and 27% in the previous year). Yet, house prices are far more affordable than in Sydney or Melbourne, where the average house price is over 2 million.
Average Unit Price Queensland
As with housing prices, unit values also increased in a short period. The average unit costs $470,014 in Brisbane, up 19.7% year on year and 2.9% over the last decade. Unlike the housing market, Brisbane units continue to increase in value steadily.
If you’re interested in purchasing a unit in Queensland, consider approaching the best mortgage brokers for expat home loans to discuss your individual circumstances.
Average Apartment Price Queensland
Two-bedroom apartments in Queensland cost around $455,802, growing 3.1% in ten years. Like units, two-bed apartments have only seen marginal growth, with a substantial incline in recent years. If you’re looking for a solid investment opportunity or property with strong growth potential, consider looking at apartments in Queensland and Greater Brisbane.
Speak to an independent mortgage broker about your expat home loan opportunities.
Average Number of Properties Sold per Month in Queensland
Brisbane CBD has few opportunities to purchase a house, with only one for sale last year. However, there are plenty of apartments and units available, with over 680 sales over twelve months. Typically, properties spend around 51 days on the market before getting snapped up.
In other parts of regional Queensland, you might find more housing opportunities. For instance, in outback Queensland, Longreach had 83 houses available with around 190 days on the market. In Toowoomba, approximately 20 properties sell each month.
Speak to a mortgage broker about your financial situation and home loans available in the Sunshine State.
Stamp Duty Costs in Queensland
You pay a stamp duty tax – otherwise known as transfer duty – on property sales in Queensland. The Queensland government stipulates that you must pay stamp duty on owner-occupier homes, commercial or investment property. Typically, stamp duty ranges between 0% – 5.75% of the property value.
Queensland stamp duty rates:
- Property valued between $0 – $5,000: You don’t have to pay any stamp duty
- Property valued between $5,000 -$75,000: $1.50 for every $100 over $5,000
- Property valued between $75,000 – $540,000: $1,050 plus $3.50 for every $100 over $75,000
- Property valued between $540,000 – $1,000,000: $17,325 plus $4.50 every $100 over $540,000
- Property valued above $1,000,000: $38,025 plus $5.75 for every $100 over $1,000,000
The average property price in Brisbane ($772,630) would cost $20,621.50 in stamp duty fees.
Moreover, foreign buyers must pay a 7% stamp duty surcharge in Queensland. While this doesn’t apply to Aussie residents overseas, you will have to pay the surcharge if you’re an expat or permanent resident purchasing Australian property with a foreign spouse. Consider how you structure your home loan and property purchase to avoid the surcharge.
Other Property Costs in Queensland
- Deposit: Aim to save at least 20 – 30% of the property value to avoid lenders’ mortgage insurance. You may need a more sizeable deposit to boost your borrowing power if you earn a foreign income.
- Valuer Fee: Between $300 and $600, depending on the property size, location, and type.
- Conveyancing and Legal Fees: Between $500 to $1,500.
- Lender Fees: Between $100 to $500.
- Building Inspection Fee: Between $200 to $500.
- Pest Inspection Fee: Between $200 to $500.
- LMI: This depends on your loan-to-value ratio; it could be around $9,000 for the average Queensland property price.
- Mortgage Registration Fee: $197
FIRB Application Fees: Between $4,000 and $237,600, depending on the property price.
Loan Options
Aussie expats living overseas can apply for the same loan products and amounts as Australians residing in Oz. Speak to expat mortgage brokers about your home loan eligibility. For instance, you could apply for fixed-rate and variable-rate home loans, as well as interest-only mortgages. We’ll help you structure your expat home loan to your individual circumstances.
Moreover, we’ll help you find competitive interest rates for your financial situation. Many lenders won’t consider 100% of your foreign earnings if in another currency. However, we specialise in expat home loans and can find you a loan product with an excellent interest and comparison rate.
Pros and Cons of Buying in Queensland
Queensland is such a far-reaching state with such a diverse climate. Property prices range from around $200,000 on the northwest side of the state to over a million dollars in parts of Brisbane. No matter what lifestyle you’re after, you’re guaranteed to find somewhere in Queensland that satisfies your property dreams.
The advantage of buying in Queensland is the relatively affordable prices. The Sunshine State is facing an economic boost, with Brisbane rivaling Sydney and Melbourne for job opportunities. However, house values are still affordable with promising growth.
The disadvantage of buying in Queensland is that some areas are pretty rural. If you want a low-priced idyllic house in the far north, then perfect. However, if you’re after a vibrant and exciting city, you’ll need to stick to more expensive areas on the east coast, such as Brisbane and the Gold Coast.
Key Facts About Queensland
Queensland is the second largest state in Australia. Moreover, it’s home to a beautiful natural landscape, with Scenic Rim, Fraser Island, Riversleigh Fossil Fields, Wet Tropics, and the Great Barrier Reef.
More than half the population of Queensland lives in Greater Brisbane. However, Brisbane still has significantly fewer people than Australia’s other capital cities. If you’re eager to buy property in the Sunshine State, speak to an expert mortgage broker about your home loan options today.
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