Richard and Andrea White are looking for a home on the Gold Coast. ( ABC News: Charmayne Allison )
Property prices have slumped 4 per cent in regional Queensland since a peak in May.
Real estate agents say buyers are more hesitant and homes are taking longer to sell.
Experts say the state's property market is expected to weaken further.
Open homes on Hope Island were a crowded scene not that long ago. But this week, prospective buyers were merely trickling in.
Brisbane retiree Richard White and his wife, Andrea, were among the two groups that inspected a Gold Coast property.
"I think there are deals to be had," Mr White said.
Property prices have cooled across regional areas after months on the rise.
But with the Reserve Bank this week announcing its fifth interest rate hike this year, buyer confidence has taken a hit, particularly with those trying to crack the market for the first time.
"Even though the market's dropped off, the deposits that are required are still very high," Mr White said.
"So I do feel for them, how tough it is."
Tim Lawless says property prices are dropping across regional Queensland. ( ABC News: Jessica Ross )
Since a peak in May, regional Queensland property prices have slumped 4 per cent, according to property research firm Cotality.
Its October data showed a decline of up to 6 per cent in south-east Queensland, including the Gold Coast, Sunshine Coast and Toowoomba.
Meanwhile, more affordable areas, including Darling Downs-Maranoa decreased by less than 1 per cent.
The average time homes sat on the market has blown out to 43 days across regional parts of the state — double what it was 12 months ago.
"It's great news for buyers. They have more time, they've got more choice, they can negotiate harder," Cotality research director Tim Lawless said.
Robyn and Laura Roebig are trying to sell their Bundaberg home. ( ABC News: Johanna Marie )
Bundaberg's Laura Roebig is feeling the pain of this buyer drought.
The 39-year-old bought a house with her mum, Robyn Roebig, two years ago, hoping to relieve cost-of-living pressures by splitting bills between them.
They now want to sell and move closer to family in Mackay.
Despite weekly open homes, their house has languished on the market for about two months.
Real estate agent Jessie Fuller said the Bundaberg market had "stabilised" after "massive" growth over the past five years.
Jessie Fuller says homes are sitting on the market for longer. ( ABC News: Johanna Marie )
"We're still seeing a fair bit of buyer inquiry from owner-occupiers, but investors have dropped off," she said.
"My advice to sellers would be that price and presentation are extremely important going forward. [They] just maybe need to be a little bit more patient."
While the mainstream market has cooled, outliers remain.
On the Gold Coast this week, a penthouse sold for $32 million — a record Queensland apartment sale — to a local buyer.
A luxury penthouse on the Gold Coast recently sold for $32 million. ( Supplied )
Luxury real estate agent Michael Kollosche said that, with the 2032 Olympic Games looming, rising construction costs were prompting wealthy buyers to move fast.
"These properties cannot be produced any cheaper than what they're being built for right now," he said.
"When you're an affluent person who's looking to downsize, you've got to look at the opportunities as they surface and these can't be replicated."
Agent Michael KolloscheIt says the record Queensland apartment sale shows wealthy buyers are on the move. ( Supplied )
Mr Lawless said regional Queensland's property market was expected to weaken further in the coming months, particularly in the wake of the latest rate rise.
"We're now seeing borrowing capacity has reduced by about 12 per cent, more than offsetting the fall in housing values," he said.
He said investor interest had also dried up after the tax shake-up in this year's federal budget.
"Most banks are reporting more than a 30 per cent drop in investment inquiries since May 12 when the budget was handed down," Mr Lawless said.
In the meantime, Ms Roebig said she and her mum would wait for the right offer.
Laura Roebig says she will wait for the right offer. ( ABC News: Johanna Marie )
"Like everybody else, we all want the best of what we can get for selling a house," she said.
