19 October 2022
Brisbane Housing Market Insights
Are you wondering what will happen to the Brisbane property market for 2023 and beyond? Well... Brisbane was the strongest property market in 2021 exhibiting astonishing growth, with many locations experiencing 30+% house price growth. And as growth slowed across Australia, Brisbane's housing markets continued to perform strongly during the first half of 2022. Last year property values increased in almost every part of Brisbane - and that’s very unusual.
And unlike the rest of the country, prices didn’t start to decline until July when Brisbane recorded its first month-on-month drop in property values, of 0.8%. Home sales are trending lower, but remained about 20% above the five-year average over the three months ending August.
Here's what's happening to Brisbane property values:
· Brisbane’s median property value stands at $762,284
· Down -1.5% over the past 28 days
· Up 12.1% over the past 12 months
Westpac Bank recently updated its property forecasts, with Brisbane prices tipped to surge 20 percent between 2022 and 2023, meaning Brisbane is likely to be one of the best performing property markets over the next few years.