The topic that is top of mind for many buyers at the moment is, what are the Brisbane property predictions for 2023?
Our founding Director Darren recently sat down with Domain to discuss our thoughts and predictions for 2023.
So here are our thoughts from Domains feature article…
Darren Piper, founding director at Brisbane-based Universal Buyers Agent, says the consecutive rate rises have put the market into “a bit of a holding pattern”.
“Stock is still tight, but buyers are sitting on the fence,” he says. “As a business, we literally have hundreds of buyers that we’re actively talking to that are going to buy, it’s just a case of when, not if.”
Piper thinks February-March 2023 will be a turning point.
“Everyone is waiting to see exactly what that last rate rise looks like … and then once they’ve got complete clarity around being able to crunch the numbers, they’re going to jump back into the market.”
Which way will prices go?
“I think stock will remain pretty tight and the buyer pool will significantly grow and that will push prices like it did 18 months ago,” Piper says.
Piper says the current shortage of quality Queensland stock will persist next year. (in 2023)
Who will buy?
In Queensland, Piper says entry-level investors have been active in recent months and their numbers will continue to increase next year.
What will they buy?
Piper is seeing a similar trend in Brisbane, the Gold Coast and Sunshine Coast where buyers are looking for “turnkey” products. As a result, he says, unrenovated homes represent good buying opportunities for those who are able to wait out the market’s current trade-related challenges.
So, if you are planning to buy this year and waiting for that ‘drop’ to hit, we believe you may be waiting a while.
Just be mindful, if you are intending to hold this new property for the next 5-10 years, it is likely your property will grow in value, provided you purchase the right property at the right price.
Just think, what is it costing you to wait?