Brisbane Real Estate: What We Learned in 2022 VS Where We’re Headed In 2023

We’re not bragging (promise!!), but we all know Brisbane was the strongest property market in 2021 exhibiting incredible growth, with many locations experiencing 30+% house price growth. It was bonkers to say the least! And as growth began to decelerate across Australia in 2022, (particularly towards the latter part of the year), Brisbane's property markets continued to demonstrate unwavering strength and resilience during the first half of the year. And we might mention too, this was despite having to overcome devastating floods early in the year - just another reason to take our hats off to Queensland's capital.  As we ventured out of 2022, we were faced with a slightly different reality. According to PropTrack Brisbane, home prices fell by 0.18% in December, however, remained 2.18% higher than 12 months prior and a whopping 43.1% above pre-pandemic levels. So while we were all bombarded with anxiety-inducing doom and gloom headlines (yawn!), it could have been much worse - and in hindsight, we were far more fortunate than what other States were facing. In fact, with demand for real estate propelled by high levels of interstate migration, Queensland was actually reported to be the second-strongest performing capital city (behind Hobart) post-COVID. So there you go!

Needless to say, our market is robust. But why is that so, you might ask? Well, there’s no denying there has been remarkable internal migration (particularly northwards from VIC and NSW) into Queensland with Australians' increased appetite for more affordable property in lifestyle suburbs #nobrainer. But even though the northeastern state remains one of the nation's most in-demand locations, you’ll be delighted to hear you’ll experience more bounce to the ounce when it comes to Brisbane property (compared to say, Sydney and Melbourne property prices). And irrespective of all the roadblocks and detours that arose over the past six months in property, Brisbane continues to demonstrate stability and assurance and that pertains to both buyers and sellers eager to make big moves. 

So what can we look forward to in 2023?

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In case you weren’t privy to the latest goss, Federal government forecasts conducted last month (January 2023) indicate that Queensland’s population is expected to grow by more than 16 percent by the time Brisbane hosts the Olympic Games in 2032. So, while things have momentarily slowed (which again, is a normal part of the property cycle), we need to, in actuality, brace ourselves for the inevitable real estate rush. To get to the nitty gritty of specifics, the population rollout in Australia’s most distributed state is expected to lean towards the city, with most Queenslanders expected to reside in Greater Brisbane by the time the Olympic flame is lit at our one and only Gabba. If that doesn’t excite the pants off you, Greater Brisbane is anticipated to grow faster than the rest of Queensland, with a rate of 1.9 percent projected for the capital in 2022-23 ( in comparison to 1.4 percent for the rest of the sunny state). And to really help that sink in, Brisbane will be home to 3.082 million people, while 3.075 million are estimated to relocate in other parts of Queensland. Holy wowsers, am I right??!!

So with all this in mind, it begs the question: Is It The Right Time To Invest in the Brisbane Property Market. 

As with anything that requires a carefully considered strategy, we need to revert back to the facts - and the fact is, according to our Australian property history, any buyer who invests in an A-grade home or investment property in Brisbane now, will without a shadow of a doubt, look back in a couple of years' time and acknowledge they bought a bargain. Why? It’s simple. Straight off the bat, the Brisbane market will unavoidably hit the floor in 2023 and then, BOOM, the next property cycle will start all over again. 

FYI, there is a perfect cocktail of key growth driving forces that will contribute to Brisbane house prices in 2023 which will ensure their high performance as we move forward into the year. Of course, the highly anticipated announcement of Brisbane winning the 2032 Olympic games will bolster strong infrastructure growth (such as the airport), economic growth, and population expansion over the next decade. This evidently will reflect in the numbers which suggest South East Queensland will continue to be known as a preferred destination for many interstate Aussies purely due to lifestyle, health, and affordability reasons. I mean, can you blame them.

But, of course, this may not pertain to every suburb in Brisbane. We all know there are multiple housing markets within Brisbane and this demand for Brisbane-based property will rely on a number of factors including price point, geography, and type of property ie: houses/townhouses vs apartments. Naturally, we can’t just buy any property and assume the general Brisbane property market will do the heavy lifting, so careful property selection will be a vital contributor. Of course, properties in areas such as Manly and Wynnum which are situated in the seaside suburbs of Bayside Brisbane will always be sought after. Areas like this, which offer rich history, a first-class lifestyle and cater to various demographics, will always require the expertise of a local real estate agent like Trish Breen. No matter what your property goals are for 2023, you can rest assured knowing you will get honest advice and help every step of the way (not just during the “important parts”). With over 17 years of real estate experience, a respected and credible reputation, and a friendly approach when partnering with both buyers and sellers, there’s nobody quite like the service of Trish Breen. For an appraisal, insight on the Brisbane property market or a good old-fashioned chit chat, Call TRISH NOW. Until next time folks!