What To Expect From The Brisbane Property Market in 2023
If you're thinking of buying a home in Brisbane this year, you're in luck!
After all, the Brisbane housing market was a top performer in 2022, with the median housing price rising by a significant 32%, well outpacing the national average of 22%. This speaks to the strength of our city and is great news for anyone looking to invest in the market.
While there may be some concerns about economic insecurity, experts believe that the market will continue to remain strong this year. By staying informed and considering important factors, you'll be well-equipped to find the perfect home that fits your needs and budget.
This blog will provide valuable insights to guide your search and make your property investment a success.
What to Expect from the 2023 Brisbane Housing Market
The 2023 Brisbane housing market is unlikely to experience the same levels of massive growth it saw over the last couple of years. However, many signs still point to a relatively healthy real estate market.
If you’re not sure what to expect this year, here are some of the most essential elements to consider as you begin your property search:
Strong Population Growth
Brisbane’s current metro area population is around 2.5 million, an increase of 1.33% from 2022. The city’s population has increased steadily for decades, and it’s on track to continue growing for several years to come.
In addition to fellow Aussies relocating to Brisbane from other parts of the country, the city is also expected to experience a significant influx of immigrants moving there for new job opportunities.
With Brisbane’s population steadily growing, property values will likely remain fairly high. As a result, those who buy homes in or around Brisbane now can expect to see values go up in the future, meaning they’ll enjoy a return on their investment.
Increased Infrastructure Spending
The entire Queensland area is set to experience a significant infrastructure makeover in 2023.
For this next year, Australia’s government has dedicated $1.47 billion to various infrastructure projects — including $586.4 million to upgrade the Bruce Highway, which runs through the outer northern suburbs.
Increased infrastructure spending will make Brisbane and the surrounding area more appealing to potential buyers. It will also help to keep property values high (and create an environment conducive to ongoing growth).
Increased Housing Supply
Many new homes (as well as other properties like apartments and townhomes) are on track to be completed in 2023. This increased housing supply will help to provide space for those relocating to Brisbane (as well as current residents looking to upgrade their current living situation).
Increased Housing Affordability
Increases in housing supply may also help to make properties a bit more affordable in 2023. Although housing prices are not expected to drop significantly this year, they may become slightly more affordable, especially coupled with higher interest rates meant to slow down inflation.
More Opportunities for Buyers
With increased supply and affordability, previously unsuccessful buyers may have a better chance of investing in the Brisbane housing market in 2023.
Although the market, overall, is expected to remain hot for the next several years, it will become a bit more accessible, which is good news for those who haven’t been able to buy a home yet.
Tips for 2023 Home Buyers
There are many positives for potential buyers to keep in mind as they prepare to enter the Brisbane housing market this year. However, it will still take some strategic planning to successfully find and purchase a home.
These tips can guide you and set you up for success as you start shopping:
Get Your Finances in Order
Especially when you’re dealing with a high-performing real estate market like the one in Brisbane, it’s critical that you get your finances in order as soon as possible.
Get clear on what you can afford to spend on a new home. You may also want to work on paying down debts and taking other steps to raise your credit score, which can increase your chances of getting approved for a home loan.
Get Pre-Approved
It’s also helpful to get pre-approved by a lender before you start shopping for a home.
Pre-approval gives you an idea of what kinds of properties you can afford and prevents you from falling in love with homes that are far outside of your price range. It also shows sellers that you’re serious about buying a home and increases your chances of having your offer accepted.
Work with a Buyer’s Agent
Whether have questions about the current real estate market or just simply don’t have the time to consistently search for available properties. A buyer's agent can be a very valuable addition to your team.
Working with an agent makes the process less stressful and leaves more room for you to be excited about becoming a homeowner. A buyer’s agent will help you find properties that align with your needs, and they’ll also assist with the process of making an offer, negotiating the final price, and ultimately, ensuring a smooth settlement.
Be Patient
Although Brisbane's real estate market is becoming more manageable, finding a property you love at the right price may take some time.
Be patient, and don’t give up hope. If you stay informed about the changes in the market and partner with an experienced agent, you’ll eventually find a home that checks all your boxes.
Need Help Buying a Home in 2023?
Trying to figure out a complex, rapidly changing real estate market like the one in Brisbane can be intimidating. However, if you remember the guidelines discussed above, you’ll have an easier time understanding the market’s ebbs and flows and choosing the right property for your needs.
If you’re looking for more insight into buying real estate in 2023, don’t hesitate to reach out to a top quality buyer’s agency like Hot Property.
Here at Hot Property Buyers Agency, our team works tirelessly to stay on top of the Brisbane market. Our experts pride themselves on using their skills, knowledge and connections to help you find, purchase, and maximise properties, saving you time and ensuring you invest your money effectively.
Contact us today and take the first step towards securing the property of your dreams.
Find Your Perfect Investment Property in Brisbane Today, With Hot Property Buyers Agency.
If you're looking to find your next investment property, get in touch with our team today. We can help you find the property, secure it for a great price, and even manage and plan value-adding renovations to maximise your returns.