Regional Queensland’s Property Boom In 2024

While bananas might steal the tropical spotlight, it’s the property market in Regional Queensland—ripe with growth and opportunity—that quietly became 2024’s true success story.

In 2024, Regional Queensland's property market showed notable growth, with property values increasing by 12.1% over the year. This trend was particularly evident in key regional hubs. According to The Australian Financial Review, Rockhampton led the way with a 9.2% quarterly growth in values, followed by Townsville (8.34%), Gladstone (6.74%), and Mackay (6.19%).

In the Hinchinbrook Shire, the market kept pace with this regional upswing. Data from Real Estate Investar showed that Ingham, the administrative heart of the region, recorded a 14.45% increase in its median house listing price over the past year, reaching $285,000. Over the last two years, this figure rose by 16.32%, highlighting sustained growth in the area.

The demand for property in Regional Queensland was fuelled by several factors. The Australian reported that interstate migration from pricier markets played a key role, as did the appeal of a more affordable and relaxed lifestyle. Moreover, the expansion of business operations into regional areas contributed to the surge.

However, not all parts of Queensland experienced the same momentum. For example, The Courier Mail noted a 20.7% drop in building approvals on the Gold Coast, reflecting challenges in the construction sector despite a broader statewide recovery. This decline is a concerning trend, especially given the ongoing housing shortage in the area.

Overall, 2024 marked a significant year for Regional Queensland's property market, with the Hinchinbrook region capitalising on the momentum. Strong demand, limited supply, and economic shifts played key roles in shaping the market's positive trajectory.