Real Estate in Brisbane a 2023 Outlook.

Real Estate in Brisbane a 2023 Outlook.

As we look towards Real Estate in Brisbane in 2023 and beyond, it’s important to remember that the Brisbane Real Estate Market is complex and multifaceted. While the national market may be in a downturn, there are still many regions and local markets where property values are holding steady or even increasing.

One of the key factors that will determine the outlook for the Brisbane property market in 2023 and beyond is the state of the economy. If the economy continues to recover and unemployment remains low, we can expect to see even more buyers entering the market, which will help to support property values. However, if the economy falters or unemployment rises, we may see more downward pressure on property values.

Another key factor to keep in mind is the state of the housing market in different regions around the country. As I previously mentioned, not all of the nation’s property markets are being impacted equally by the current downturn. In some regions, such as Sydney and Melbourne, property values are falling more rapidly than those of Brisbane and other regional locations.

In my opinion as a Real Estate professional in Brisbane with over 15 years of experience in the industry, in 2023 and beyond, the Brisbane Real Estate market is likely to continue to be impacted by a number of different factors, including the state of the economy, the rate of unemployment, and the supply and demand dynamics of different regions and local markets.

Overall, buyers and sellers should be prepared for a market that is likely to remain relatively stable, but with some fluctuations in different regions and local markets.

Australia’s overall Property Index results

The Australian property market has undergone significant changes in the past few years, transitioning from a once-in-a-generation property boom in 2020-2021 to the current adjustment phase. As a result, many people are wondering what the outlook for the property market will be for 2023 and beyond.

According to CoreLogic’s national Home Value Index, the peak of the housing market was reached in May 2022, after which there was a -5.3% decline throughout the year. While the overall trend in the Australian property market shows a downturn, it’s important to note that not all regions and local markets are experiencing this equally. The impact of the downturn varies across the nation and each state has its own unique property market conditions.

The property market in each state is in its own phase of the property cycle, and within each capital city, there are various markets with different trends. Some locations are experiencing a decrease in property values, others remain stagnant and there are still areas where property values are on the rise. This highlights the complexity and diversity of the Australian property market, and how it varies from one region to another.

One thing that is certain, is that the face pace growth that Real Estate in Brisbane has been experiencing has eased and the outlook shows signs of stabilisation giving everyone time to catch their breath.

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Authored by Suzana Wade, Real Estate in Brisbane.

Suzana Wade from Locate talks Rentals for 2023

Suzana Wade from Locate talks Rentals for 2023

As the CEO of Locate Property, a leading real estate business in Brisbane, I have been closely monitoring the current rental market trends and analysing data to predict what the future holds for our industry. Recently, there has been a lot of talk about the rental market for 2023 and beyond, and I wanted to share my insights with you.

According to a recent report by the ABC, the Australian rental market is set to tighten in 2023 and 2024. This is due to a combination of factors, including an increase in interest rates, a softening in the selling market, and a lack of new construction projects coming online. These factors are leading to a decrease in rental property availability, which is putting upward pressure on rental prices.

In Brisbane, we are already seeing this trend play out. In the past 12 months, we have seen a significant increase in the demand for rental properties, with a 30% increase in demand. However, the availability of properties has decreased by 26%. This is a recipe for upward pressure on rental prices. In particular, we are seeing units on the north side of Brisbane going from $450 to $550 over the next 18 months, with houses at an even higher rate.

As the rental market tightens and rental prices continue to rise, it is important for renters to be aware of these market trends and to start preparing for potentially higher rental prices in the future. If you like where you live and the rent is within your budget, it may be a good idea to lock in your lease for the long-term. For landlords, it is important to talk to your bank or seek advice from a strong independent finance broker to ensure you are on the most competitive interest rate possible. Additionally, it is important to appoint a rental agency that strikes the right balance between rewarding great tenants and maximising yield opportunities as leases fall due.

Suzana Wade is always staying ahead of the curve and providing our clients with the most up-to-date information and insights on the market. We understand that this can be a challenging time for renters and landlords alike, and we are here to support you through it. We advise our clients to consider all their options and make informed decisions that align with their personal needs and goals.