- The median value of Brisbane homes was $787,217 at the end of December 2023.
- Brisbane home prices increased 13.1% across 2023.
- Ipswich may present better value for money for buyers considering a house.
The Brisbane property market’s final scorecard for 2023 came in with a resounding 13.1% lift in dwelling values across the year, taking the median value to $787,217, according to CoreLogic’s Hedonic Home Value Index.
The latest figures for Brisbane’s real estate market showed a monthly uplift in home values of 1.0%, with the quarterly rise coming in at 3.7%.
Asking prices for Brisbane homes
Brisbane’s housing market was one of the three smaller capital cities to record stronger growth metrics, compared to a stabilising market in Sydney and a languishing market in Melbourne.
Auction clearance rates for Queensland
“Such diversity across the capital cities can be broadly attributed to factors relating to demand and supply,” said CoreLogic research director, Tim Lawless.
“In Perth, Adelaide and Brisbane, housing affordability challenges haven’t been as pressing relative to the larger cities, and advertised supply levels have remained persistently and substantially below average.
“The cities where home value growth has been lower or negative through the year are showing higher than average levels of advertised supply alongside annual home sales which ended the year below the five year average.”
How have Brisbane home prices changed since Covid?
According to CoreLogic, Brisbane home prices soared 50.2% between the onset of Covid to December 2023. In dollar terms, that’s an increase of $263,270.
Is the pace of growth slowing?
Yes. CoreLogic figures showed capital growth eased from 1.5% in October to 1.0% as 2023 closed out.
Ipswich delivers better value on the doorstep of Brisbane
The Ipswich real estate market has likewise seen steady month-on-month growth, STRUD Property managing director, Jordan Strudwick told The Property Tribune.
“Buyer demand is still high and the value proposition for our area is super attractive to an array of different buyers,” said Strudwick.
Strudwick said Ipswich offers investors, downsizers, and first home buyers the opportunity to buy a fully-fledged house for between $500,000 to $750,000, while that budget in Brisbane may only fetch a townhouse or apartment.
Along similar lines, Strudwick added that strengths of the local market included a larger block size.
“Lifestyle blocks with sheds and pools are very sought after at the moment.”
Jordan Strudwick, STRUD Property
The state of the Ipswich housing market
Strudwick told The Property Tribune that distressed sales have remained low for the local market.
“We have seen a few distressed sales, but are very minimal, less the 2% of our listings,” he said.
Luxury homes also held their own, with the majority being cash buyers.
“In some of our more prestige areas, like Karalee, we haven’t seen as much growth but the prices are still holding,” said Strudwick.
“Bare in mind, through the boom of the past few years, it was one of the highest capital growth areas in Ipswich with some owners yielding 70% to 80% growth in their new builds.”
How will the Ipswich property market perform?
It will be a year of steady growth, Strudwick told The Property Tribune.
“Our value proposition in Ipswich is something that keeps us safe and secure,” he said.
He added that the population of Ipswich is expected to double by 2032.
“We believe there are fantastic investment opportunities all through Ipswich, especially for the long term, but also with some great instant returns.
“It is definitely a place to watch and monitor for the next few years.
“With proximity to Brisbane and the Gold Coast, we see huge growth into the future,” Strudwick concluded.