PRICES
A decade ago, in 2013/14, Queensland boasted the most expensive houses among regional areas in the six states. However, while regional New South Wales experienced consistent and positive growth during the first half of the last decade, prices in regional Queensland remained relatively flat, fluctuating between a low of $378,504 and a high of $394,621.
The second half of the decade saw a significant turnaround for regional Queensland, with house prices increasing by 76.3 per cent to a current peak of $680,646. This five-year growth is the second highest among the six states, and now only New South Wales is more expensive.
SALES
The story is different when it comes to sales. Regional Queensland recorded the highest sales among regional states for the last fiscal year. It overtook regional New South Wales in the fiscal year ending 2022, establishing itself as the state with the most regional sales—a title it has maintained since. While most states exhibited flat trends in sales volume, regional Queensland showed the highest 10-year growth, with transactions increasing by 27.4 per cent from 34,173 to 47,878. A closer look at the time-series chart reveals that this growth occurred almost exclusively between 2020/21 and 2021/22, with transactions growing by 40.7 per cent and then 22.9 per cent, respectively. Every other year saw little to no growth in sales volume.
In this section we consider the five most populous SA3s in regional Queensland.
Townsville leads as the most populous SA3 in regional Queensland, with a population of 201,478. Geographically, it’s a coastal city in North Queensland and home to the Port of Townsville, Queensland’s third-largest seaport. Despite having the second lowest geometric mean house price at $493,053, Townsville boasts the highest growth rate over the past 12 months. This affordability coupled with strong growth makes Townsville an attractive destination for new buyers. Dominating the sales landscape, the coastal city recorded 5,057 transactions in 2023/24, accounting for a significant 10 per cent of all regional Queensland transactions. Over the past five years, sales growth has been particularly impressive at 136.1 per cent, far surpassing both the regional growth average and any other SA3 on the list.
Following Townsville is Ormeau - Oxenford located between Brisbane and Gold Coast. With a population of 174,709, the region benefits from its proximity to both major cities and nearby theme parks. It’s the most expensive among the top five, with a geometric mean house price of $945,910, a reflection of its substantial 10-year price growth rate of 102.3 per cent – the highest in the region. In 2023/24, Ormeau - Oxenford recorded 2,957 transactions, highlighting a steady and robust market presence despite its high property prices.
Toowoomba ranks as the third most populous SA3, home to 170,792 people. Also known as the “Garden City” because of its popular Carnival of Flowers, Toowoomba is an inland city 125 km west of Brisbane. Since completion of the Wellcamp Airport in 2014, Toowoomba’s house prices have increased by 83 per cent, which is higher than the regional average and the second highest 10-year growth rate on the list. This makes the inland city the second most expensive area with a geometric mean house price of $621,619. Interestingly, Toowoomba is the only SA3 on the list to have experienced negative sales growth over the last decade, recording 2,956 transactions in 2023/24.
Mackay, with a population of 126,907, is the fourth most populous SA3. It features a geometric mean house price of $521,886. Although Mackay has the lowest sales volume at 2,772 transactions, it boasts the highest 10-year sales growth rate at 93.3 per cent. In a period where regional Queensland saw a sales drop of 0.9 per cent, Mackay defied the trend with a 2.3 per cent sales growth in the last year. Mackay is known as the “Sugar Capital of Australia” and serves as a mining services hub for the Bowen Basin Coalfields, the largest coal reserve in Australia. Tourism is also very strong because of the coastal city’s access to the Great Barrier Reef.
Finally, Rockhampton is the smallest of the five SA3s, with a population of 126,423. Despite its smaller size, Rockhampton, also known as the “Beef Capital of Australia,” offers the most affordable housing with a geometric mean house price of $482,666. Remarkably, despite its smaller population compared to Ormeau - Oxenford and Toowoomba, Rockhampton recorded the second highest sales volume for 2023/24 with 3,194 transactions.
Together, these five SA3s make up 35 per cent of Queensland’s regional house market.