Brisbane house prices - May 2023 The median house price in Brisbane got a substantial boost in May, gaining +1.5 per cent, a marked improvement on 2022 trends. Across the quarter, house prices returned to the green with +1.8 per cent in value added, while annual declines remain over -10 per cent.
Brisbane house prices still slipping
During February 2023, house price values retracted 0.4 per cent across Greater Brisbane, compared to a 1.6 per cent slide in January.
However, as the RBA potentially cuts interest rates before the end of 2023, demand pressures will contribute to a favourable environment for property prices. Consequently, prices are expected to rise by 10 per cent through 2024 and into early 2025.
The estimated median house price for 2023 is $719,669 and the median unit price is $503,200. According to QBE, despite the substantial growth in 2020/21 and 2021/22, Brisbane is expected to remain reasonably priced compared to Sydney and Melbourne.
Plummeting property prices in south-east Queensland have slowed down, with sales data showing a fall of just a 10th of a per cent in the first quarter of 2023.
While there are always risks involved in any property purchase, the current market conditions in Brisbane could make it a good time to take the plunge. Finally, it's worth addressing the question of whether the Brisbane property market is at risk of crashing in 2023.
If the price rises are maintained for the rest of the year, home values will end up about 4% higher in 2023, defying earlier predictions of sharp falls of 10% or more for this year, CoreLogic says. “Economists are shredding their previous price forecasts,” said Sally Tindall, research director for RateCity.
Predicted house prices in 2030 for Brisbane
So investors may assume that should the average 5.1% per year price increase continue going forward for the next 7 years, median house prices could rise to as much as nearly $1.2 million by 2030 and units to just under $750,000.
Brisbane was expected to fall by one per cent in 2023, taking prices back to $778,336 from $786,198. A six per cent increase in 2024 would take prices up to $825,036.
The median house price in Brisbane is forecast to sit at around $819,000 in June 2025.
Westpac has revised its house price forecasts, with dwelling values expected to stabilise in 2023 (initially forecast a -7% decline). National dwelling values are predicted to rise 5% in 2024, up from 2%.
However, there are also predictions that Brisbane's property prices could experience a decline of 12% in 2023, following a modest rise of 1% in 2022. According to the PropTrack Property Market Outlook February 2023 Report, the expected median house price in 2023 is $719,669, with the median unit price not specified.
Brisbane home prices retreated 1.7 per cent for the three months to March 2023, CoreLogic research showed. This was a steeper decline than the national result, which was a 0.6 per cent fall in home values. The combined capitals gave up 0.4 per cent and the combined regions 1 per cent.
The relatively lower entry costs allow investors to enter the market with less capital while still enjoying the potential for capital growth and rental returns. Brisbane also boasts higher rental yields for property investors which provide for better returns when income is an important consideration for an investor.
Prices across the country are set to slide by up to 10 per cent by the end of 2023, with Sydney, Brisbane and Canberra to be worst affected by the downturn. The latest PropTrack report predicted property values in Sydney, Brisbane and Canberra could slump by as much as 11 per cent as successive rate hikes bite.
Jimboomba saw 11,300 new residents (up 6.3 per cent), Brisbane Inner had 10,900 people added to the area (4.2 per cent), Caloundra was up by 10,700 individuals (3.8 per cent), Browns Plains added 9,600 (3.4 per cent), North Lakes 9,200 (3.5 per cent), Caboolture 8,100 (3.4 per cent), Toowoomba 7,300 (1.5 per cent), ...
Brisbane's median house price could eclipse $800,000 by 2027, according to new research.
Many areas have experienced a property boom since the start of the global pandemic. But while most markets have started to cool, Queensland continues to power on, delivering fairly consistent growth. The state's population also continues to swell, with some predicting it will hit 6 million by 2027.
au's analysis showed that, even if prices rose at a similar rate to inflation over the next five years, the median house price would still be near $1.5m in 2027.
In 2022, the median unit price was $606,000. By 2025, median unit prices will rise to $627,000 due to strong overseas migration and new construction geared towards apartments.
Brisbane's increased dwelling values, high rents and low vacancy rates, plus a growing population looks positive for Brisbane property owners, but not so bright for tenants. For two consecutive months, Brisbane has woken up to increases in median dwelling values.
He said he expects prices will drop 35 percent over a three-year period, from their highest point in 2022, through to 2025.