Considering buying or selling in Brisbane in 2023? We're here to help!
Typically, the Brisbane property market is high functioning with high turnover, with not too much of a gap between buyers and sellers. Add in the future prospectus of the 2023 Olympic and Paralympic games - plus the infrastructure and migration that will come with it - and people can remain confident.
Many people’s expectations have become warped due to the boom, which is why we continue to remind people that it was an anomaly, and not the new benchmark. Even though prices have dropped slightly, they are still significantly higher than they were 3 years ago.
There are several reasons why prices aren’t likely to drop dramatically in Brisbane. In 2022, interest rates rose faster and sooner than what was expected. This led to fewer sales, fewer new listings, and consequently a decrease in values. In the long term, infrastructure spending and population growth will keep prices buoyant and growing for some time to come.
As of March 2023, the latest CoreLogic data has highlighted that positive momentum has carried through. Month-on-month price decreases have become smaller and are expected to plateau.
There are little signs of urgency to sell in the market, as many people have a buffer of savings from the pandemic and used the opportunity to get ahead on their mortgage will interest rates were low.
Once inflation returns to the desired level of 2 – 3%, rises will and the market will find a floor before further upward growth in asset values in 2024. Those that feel fatigued and uncertain now will have a greater level of comfort transacting when this time comes and get back into buying mode.
The opportunity for buyers
Obstacles like the ones being sensationalised in the current market present opportunities for those willing to make their move.
Secure your quality asset new home or investment property over the next six months, while the market takes a breather and before interest rates settle and prices start to move upwards again.
The opportunity for sellers
A good quality marketing campaign and sales effort should deliver a positive result. A lack of homes for sale in many areas of Brisbane means competition is solid, which is evident in enquiry and open home numbers.
If you are selling and buying in the same market, then the minutiae of the market should not stop you from making your move in fact, it will likely work in your favour. If buying or selling is on your mind for 2023, talks to your local Place agent about the best approach for you.
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