What To Know If You Are Considering Investing In Brisbane In 2023
If you’re considering investing in Brisbane in 2023, there are a few things you need to know.
2021 saw the strongest growth in property in Queensland for the previous decade with some locations having up to 30% increase. While some markets across Australia slowed in 2022, Brisbane continued strongly with a large population of people moving to Queensland from New South Wales and Victoria.
With a peak in property prices in Brisbane in June 2022, we are now seeing property values dropping slightly, but still remaining well above pre-Covid levels with the median value for a dwelling in Brisbane according to CoreLogic as at January 2023 sitting at $698,204.
Property Trends Brisbane
Brisbane is set to host the 2032 Olympic Games which will put Queensland firmly on the global map, attracting tourists, migrants and highly paid workers seeking new opportunities. The Federal government forecasts predict that Queensland's population will grow by more than 16% by the time the games take place, providing a boost to the local economy and real estate market.
While most of the Olympic venues are planned for Brisbane, the Brisbane 2032 Master Plan also outlines venues on the Gold Coast, Sunshine Coast and Regional Queensland which gives savvy investors areas for further investigation.
In addition to the Olympic boost, Brisbane obviously offers a lifestyle that is unrivalled in many parts of the world. With its warm climate, stunning beaches, and access to outdoor recreation, it's no surprise that many people are drawn to our city. And with the government investing in infrastructure and development, Brisbane is becoming an increasingly attractive destination for people looking to escape the hustle and bustle of larger cities and get better value for money.
However, it's important to understand that real estate market predictions are subject to change, and it's always wise to carefully consider your own personal financial situation and perform thorough research before making any investment decisions. While hosting the Olympics can have a positive impact on the real estate market, it's important to be aware of the potential risks. The large influx of people and resources required for the games can put strain on the local infrastructure and housing market, potentially leading to temporary price increases followed by a correction.
Properties in High Demand
There is currently high demand for detached houses in Brisbane, predominantly in the inner and middle ring suburbs and increasing demand for lifestyle areas with demand for units and apartments remaining softer. Many are turning to townhouses as a compromise and are looking for an increased emphasis on liveability which equates to proximity to amenities, transport and employment.
With a shortage of quality homes and investment properties on the market, a surplus of buyers and high rental demand, if you are in a position to buy and have done your research, then Brisbane property could be a good investment for you. Michael Yardney from Property Update gives this overview of Queensland’s position which ranks us first on population growth and relative unemployment.
If you would like to find out more about the Brisbane property market and how to take advantage of opportunities investing in Brisbane in 2023, contact Cristian Marcu from ELDAD Property Group today.