That’s largely in line with the combined capital city and national forecasts according to the PropTrack 2023 Property Market Outlook Report.
Even with an 11 per cent drop, homeowners will still retain a fair chunk of the gains made during the pandemic. But in good news for house hunters, it levels out the playing field a little more for buyers after sellers have had a strong run.
So… how accurate is the forecast?
Well PropTrack has factored in two interest rate rises of 0.25 per cent. We just saw one last week in case you missed it. And now for the good news:
“Thereafter, we expect rates to remain on hold, with the potential for them to be reduced in late 2023 or early 2024,” reports PropTrack.
The report showed median Brisbane house prices were $750,000 in December 2022 and median unit prices were $475,000.
That difference between Brisbane house and unit prices is now “close to historic highs” at 58 per cent. The report suggests units may continue to grow in popularity in 2023 as a pandemic inspired unit exodus becomes a thing of the past.
“With life now largely back to normal, this trend is already reversing and expected to continue to do so, driving more demand for higher density housing types,” it says. “The strength of the rental market may also drive interest from investors in CBD inner- and middle- ring units.”
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