Home prices trend up in NQ – realestate.com.au

News Corp Australia Network

Townsville home prices are 10 per cent more expensive compared to 12 months ago. Picture: Evan Morgan

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Townsville property prices increased almost 10 per cent in 2023, but the average house in the region is still half the cost of its Brisbane counterpart.

The latest PropTrack Home Price Index showed the median dwelling price in Townsville shot up 4.29 per cent in the December quarter and 9.94 per cent across the year to $404,949.

PropTrack economist and report author, Anne Flaherty said the median house price in Townsville also jumped 4.62 per cent for the quarter and 10.54 per cent for the year to sit at $418,048.

While the unit price was up 1.44 per cent in the three months to December and 4.83 per cent across 2023 to $343,716.

PropTrack economist Anne Flaherty. Picture: Supplied

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In Brisbane, the median dwelling price was $783,000 in December, up 10.45 per cent year-on-year. The average cost of a house was $879,000, up 10.57 per cent in 2023, and the median unit price was 9.74 per cent higher than a year ago, to sit at $580,000.

Across regional Queensland, the median dwelling price was up 0.51 per cent in December and 8.47 per cent annually to a peak of $634,000.

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The median house price was up 8.16 per cent for the year to $656,000 and the median unit price was up 9.64 per cent in the same time to $597,000.

“Combined regional home prices reached a new peak in December, having risen by 3.2 per cent over 2023,” Ms Flaherty said.

“Regional Queensland and South Australia were the key drivers of growth, up a respective 0.51 per cent and 0.5 per cent over the month to reach new peaks in December.”

Both median unit and house prices are up across Townsville. Picture: Ashley Pillhofer

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Ms Flaherty said nationally home prices increased by 5.52 per cent last year to sit at a median of $762,000.

“National home prices held steady in December as growth in regional areas counteracted falls in the capital cities,” she said.

Ms Flaherty said combined capital city prices hit a fresh peak in November but fell 0.09 per cent in December, marking the first time prices declined in 2023.

Across December, prices fell in Sydney (-0.08 per cent), Melbourne (-0.55 per cent), Hobart (-0.41 per cent), and Canberra (-0.66 per cent).

Strong growth was recorded in Perth (+0.69 per cent) and Adelaide (+0.59 per cent) while prices were also up in Brisbane (+0.27 per cent) and Darwin (+0.1 per cent).