What a year it has been for Brisbane property prices!
We started our first blog in January this year sharing an SQM Research forecast which tipped Brisbane property prices to grow between 3 and 7 per cent this year. Turns out the upper limit forecast wasn’t far off with Brisbane’s median annual house price growth nudging towards 8 per cent as we head into the last few weeks of 2023.
Borrowers will be wishing the other part of the SQM forecast held true: it was tipping interest rate drops in the second half of 2023, along with a number of other economists at the time. This hasn’t eventuated. While we hold out hope for some rate relief in 2024, we may need to be patient. Canstar has recently published forecasts from the Big Four banks which are expecting rates to remain high until the back end of 2024.
Renters are also hoping 2024 will be kinder on the hip pocket. Annual median rents in Brisbane have nudged 8 per cent as we round out 2023. Like borrowers, renters may be waiting a little while yet for relief as rents may increase further in 2024 according to a recent SQM Research forecast published by news.com.au.
So it seems we’ll round out 2023 with mixed property fortunes and forecasts depending on whether you’re in the market and enjoying the price growth or trying to catch the runaway property train. We’re here to help you achieve your property goals, whatever they may be.
As we head into Christmas our bloggers are taking a break for a couple of weeks. We’ll be back in the New Year keeping you up to date with all the relevant news and views to help you chart your property path in 2024!
Til then, have a fantastic holiday season!
Making plans for the year ahead? Contact us for a chat.
Is a move on the cards for you in 2024? View our current listings for sale or talk to us about selling.