Nearly $40 billion was spent on residential property in Queensland in the past quarter, with the state recording the highest number of home sales in the country in the last three months.

Brisbane’s median sale price has also extended its lead over Melbourne’s — climbing another $20,000 in the September quarter to $780,000, while its southern counterpart sits at $565,000.

New figures from digital settlements platform, PEXA, show 48,361 home sales were finalised across Queensland in the September quarter, with home buyers spending $38 billion — 27 per cent more on residential property than the same period a year ago.

Toowoomba recorded a high volume of residential property sales in the September quarter.

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The postcodes with the highest number of home sales settled in the three months were Newtown in Toowoomba (902 sales), Surfers Paradise (859), and Andergrove in Mackay (852).

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Homebuyers also flocked to regional coastal areas such as Bargara and Urangan, and Brisbane fringe suburbs with new housing development like Yarrabilba and Ripley.

Queensland also recorded the highest volume of new home loans being taken out (37,797) during the quarter, followed by NSW with 35,407.

This three-bedroom house at 12 Edith St, Newtown, recently sold for $775,000.

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In another sign, property is getting more expensive in the Sunshine State, the PEXA data found settlement volumes for residential properties under $750,000 have declined every quarter since the March 2022.

“Even as the property market has improved, properties under $750,000 haven’t seen positive volume growth, suggesting that increasing prices has moved a substantial number of properties out of the $750,000 bracket,” PEXA’s latest Property Insights report shows.

PEXA Group chief economist Julie Toth said the research showed demand for new housing continued to outstrip supply, resulting in an increase in more buyers seeking existing properties.

Julie Toth, Chief Economist at PEXA Group.

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“Growth in new housing supply — including housing and apartments — has continued to lag behind growth in demand for new housing nationally in most locations,” Ms Toth said.

“New homes are taking longer and costing more to build than in the past. High labour and material costs have added to the rising price of new builds. These capacity constraints are pushing more buyers into the market for existing home and pushing home prices higher.”

Ms Toth said strong population growth and low household sizes also continued to support strong underlying demand for housing in Queensland.

Surfers Paradise recorded a high volume of home sales in the past three months. Picture: Glenn Campbell.

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Analysis by .id (Informed Decisions) shows NSW lost 31,183 residents in the year to March — most of which moved to Queensland, which gained 30,930 people over the same period.

“QLD’s composition of population growth strongly favours homebuyers,” Ms Toth said.

“Although NSW and VIC receive the bulk of overseas migrants, these migrants are predominantly international students and temporary migrant arrivals, who are much more likely to rent, rather than buy dwellings.”

Bargara, near Bundaberg, has become a popular location for homebuyers.

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Mark Costello of iThink Property in Toowoomba said he was not surprised Newtown had recorded the highest number of residential settlements in the state in the September quarter.

“The suburb is popular among first homebuyers, investors, and those looking for family homes close to the CBD,” Mr Costello said.

“It’s still very affordable and has potential for future capital growth.”