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.
A Snapshot of Brisbane's Real Estate Market Today
Over the past two years, Brisbane's median value has jumped by 15%, with the median house price soaring from $650,000 in 2021 to $742,500 in 2023. Meanwhile, Brisbane unit prices have seen a 12% growth, leaping from $450,000 in 2021 to $499,000 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.
Brisbane property market forecast 2023
Westpac's Brisbane real estate forecast tells a far less pessimistic story, suggesting prices will drop just -1 per cent in 2023, while CBA expects slight overall price growth for the year.
The downturn in the global housing market is set to continue in 2023, with most Australian cities expected to fall by double digits in what is shaping up to be the deepest property correction in more than 30 years. Few people are willing to buy or sell in a falling market, and stock is hard to find.
The median house price in Brisbane lifted 25% to $864,000 in June 2022. Affordability and prices are expected to be crimped due to tightening credit conditions and lower borrowing capacities. The median house price is forecasted to sit at approximately $810,000 by June 2025.
Here are some of the most recent forecasts: ANZ Bank forecast Brisbane property values could decrease 10% in 2023. CBA forecast Brisbane property values could decrease 6% in 2023. NAB forecast Brisbane property values could decrease 9.4% in 2023.
Overall, the Brisbane market has shown itself to be resilient and strong, even in the face of challenging circumstances. If you're thinking about getting into the market, now might be a good time to start exploring your options.
CoreLogic data shows house values are roughly 10.9% lower since moving through a peak in June 2022. Our on-the-ground experience at Metropole Brisbane is that there is emerging strong demand from both home buyers and property investors for A-grade homes and investment-grade properties.
"Property price falls are likely to continue and accelerate in 2023," report author Cameron Kusher said, blaming the cooling market on the rising cost of borrowing and its associated drain on household budgets.
Property Prices Could Potentially Surge in 2024
Evans and senior economist Matthew Hassan in a market update. "Prices are now expected to increase by 5% in 2024, revised up from 2%." Westpac predicts that by 2024, house prices will rise by 5% in both Sydney and Melbourne, 6% in Brisbane, and 8% in Perth.
The grim outlook for the 2023 property market has come from investment bank Jarden, which said the Reserve Bank's “hawkish” interest rate hikes to calm inflation was to blame.
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.
That means that as of 2023, the average house price in Brisbane has risen by $432,006 over 10 years. Or in other words, Brisbane's property values over 10 years have risen 45.09%. As you can see in the chart below, the majority of Brisbane's house price growth occurred during the 2021 pandemic property market boom.
“The unique set of circumstances we're seeing this year may present a prime opportunity for those looking to invest in the property market,” Mr Khursigara told Your Investment Property magazine. “Both Federal and State governments are buoyant with the estimates of new migrant arrivals in 2023.
According to the same data set, August has the most price cuts, while inventory levels are still healthy. In 2016, price cuts were most common between July and September. Additionally, August is the final month in the time span where listings are most abundant nationwide.
Is The Best Age To Buy A House Between 30 And 35? The average first-time homebuyer in the United States is around 33 years old, so most people would probably agree that this is the best time to buy a house. By the time you are in your early 30's, you likely have some stability in terms of income and life situation.
PROPERTY PRICES TO DOUBLE BY 2032
Now is the time to invest in Brisbane with robust economic drivers, including strong migration, record infrastructure investment and a cost-competitive property market leading up to the 2032 Olympics.
Brisbane, Perth, Adelaide and Darwin are now above their 2022 peaks. All other cities are expected to follow over the next six months,” she said. CoreLogic research director Tim Lawless said the increases were the result of low levels of available housing supply.
However, in the short term, a significant surge in house prices is unlikely. As interest rates remain restrictive and unemployment rates might increase in 2023, the positive impact of demand and supply issues will be limited. Nationwide prices are expected to rise by approximately 2 per cent by the end of 2023.
The combined capital cities could see house prices rise 2 per cent to 4 per cent by the end of the 2024 financial year and units could climb by 1 per cent to 3 per cent, the Domain Forecast Report predicts.
Sydney's ailing housing market will bounce back next year with price growth that will lead the country, new economic modelling has revealed. SQM Research's annual Housing Boom and Bust report released Tuesday showed Sydney prices were primed for growth over 2023 due to an increase in underlying demand for housing.
The data provided exclusively to The Sunday Telegraph showed the median house price would be $1.92m in 2027 and the median unit price would be $1.02m. Sydney prices would also be nearly triple those in Perth, Adelaide and Darwin if the current growth trajectory continued.