In June, Brisbane prices grew 0.08%, taking annual growth to 0.1% according to PropTrack data published on realestate.com.au.
But house prices could grow by as much as 4% over the next financial year, according to new forecasts.
The Domain Forecast Report for the 2023-24 financial year is tipping Brissie house prices to reach close to a new record high. But their crystal ball allows for some variability, with the lower end forecast sitting at just 1%.
“Brisbane house prices will be very close to a new record high by the end of FY24 if the forecast growth of 1% to 4% eventuates,” Domain reports.
“This growth range means the median will be $3,000 to $27,000 lower than the record high of $858,511 achieved in mid-2022.”
Units are set to reach a new record high.
“Brisbane unit prices will be more stable than houses over the coming financial year if the forecast growth of 0% to 1% eventuates,” Domain says.
“This growth range and the growth seen in the early half of 2023 means unit prices will be at a new record high at the end of FY24.”
Overall, Domain is forecasting that Australia will shake off the price downturn over this period.
“Australia’s housing market will be in a well-established, steady recovery over the 2023-24 financial year,” it reports.
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