Welcome to 2023!
Are you wondering what will happen to the Brisbane property market for 2023?
Brisbane was the strongest property market in 2021 exhibiting astonishing growth, with many locations experiencing 30+% house price growth.
As other parts of the country experienced slowing of the market, Brisbane continued to perform well for the first half of 2022 (this is encouraging, the market showed resilience despite the damage sustained in the Feb 2022 floods).
Brisbane’s property economists’ data reports house prices saw the steepest annual climb in 13 years in 2021, as the city’s property market came to grips with relentless Covid-19-induced demand for property.
This resulted in a property boom resulted in almost 400 suburbs joining the million-dollar club in 2022 across the state.
When reviewing the second half of the 2022 year, property prices had begun to fall from their peak. As of November, the median price for houses in Brisbane stood at $817,684, which is a 2.2% decline month-on-month and a 6.2% decline quarter-on-quarter. This although seems to big drastic drop, it is representing a correction in the market.
Positively, there has been increased emphasis on liveability and lifestyle from buyers searching for their next property. Data suggests buyers will be willing to pay a little more for properties with “pandemic appeal”, a little more space and security, but it won’t be just the property itself that will need to meet these newly evolved needs –location will be a significant consideration factor.
To many this will mean a property with a combination of:
- Proximity – to things like parks, shops, amenities, and good schools
- Mobility – access to good public transport (even though this may be less important moving forward) or a good road system
- Access to jobs
Quality homes in sought-after locations close to the Brisbane CBD continuously remain popular. Those that appeal to the owner-occupier, in good school catchment zones with family-friendly floorplans and in desirable neighbourhoods have not actually lost their popularity despite broader market conditions over recent months.
Queensland is currently the fastest-growing state in Australia driven by interstate migration. Because of outstanding demand for lifestyle areas and extremely strong demand for detached houses in Brisbane, particularly in the inner and middle-ring suburbs.
This exceptional demand has delivered strong price growth with Brisbane’s more expensive properties outperforming.
The take home message from investors is Brisbane’s property market is ripe for investment – its economy is improving, the population is growing, infrastructure is being added and property remains affordable!
If you are wanting expert guidance on how best to navigate the property market, talk to Gemma!
