Queensland's property market is experiencing a frenzy, with prices soaring and competition intense. Buying agent Andrew Cummings, 27, highlights the market's rapid growth, noting that demand far exceeds supply. House prices on the Gold Coast are particularly notable, with values nearly reaching Sydney's levels and surging by almost nine percent in the past year. The median house price is now around $1.32 million, making it the only regional market in the country where prices surpass those in the capital. Sydney's median price is around $1.581 million, but it grew at nearly half the rate of the Gold Coast market, rising 3.8 percent in the past year. This growth is good news for homeowners, but it's creating a challenging environment for prospective buyers. Mr. Cummings, who previously worked as a real estate agent, observes that the market is becoming cutthroat, with multiple offers on properties in reasonable condition. He predicts that prices will continue to soar, especially with the Albanese government's introduction of the first-home buyers 5 percent deposit scheme. However, he believes it's unfair to compare Brisbane to Sydney, at least not this decade, as Sydney's prices are much higher per square meter. Despite the intense competition, buying agents like Mr. Cummings can help clients secure properties and navigate the market's complexities.
