Brisbane’s property market forecast for the rest of 2023

Well… it’s no secret that Brisbane was one of the strongest property markets during the boom of 2020-21.

It exhibited astonishing growth, with Brisbane house prices increasing 42.7% from the Covid trough to its peak in June 2022. And even though Brisbane’s housing markets have been working through the adjustment phase of the cycle, they have continued to perform better than many other locations, with overall dwelling values down -8.6% over the last 12 months. But it seems the Brisbane housing market has turned the corner.

CoreLogic’s daily home value index suggests Brisbane house prices rose 1.4% in May 2023, starting to finally show signs of passing the bottom of the market downturn, following a number of month-on-month increases in median property prices. Of course, the market bottom is not one day or one week – it’s a process that occurs as there are many sub-markets in Brisbane, but despite potential headwinds in the coming months, most experts now predict that prices will continue to recover.

Hosting the 2032 Olympics will ensure that Brisbane is put on the global map and it has a unique lifestyle and economic benefits that will attract overseas migrants as well as plentiful jobs for highly paid knowledge workers. Federal government forecasts suggest that Queensland’s population is expected to grow by more than 16 per cent by the time Brisbane hosts the Olympic Games in 2032.

So rather than trying to time your next property purchase based on where we are in the cycle, take a long view and if your income is secure and the time is right for you, this may be an ideal time to get a foothold in the Brisbane property market while others are sitting on the sidelines.