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Brisbane Luxury Property Predictions for 2023

How will Brisbane’s high-end property market perform over the next 12 months? Take a look at what industry insiders expect.

The new year is the time for property predictions as people try to decide what actions to take.

There is no shortage of headlines in January and often you’ll get mixed indications of what is going to happen.

We always notice how the most sensational articles grab all the attention. However, these articles usually give sweeping overviews based on national figures. They never drill down to postcode level.

At Ray White, we prefer to focus on the specific suburbs, homes and clients we serve. With this in mind, here are some predictions from our team as well as other industry insiders.

Last year the headlines may have shared bad news… but Brisbane had its biggest year of property sales over $5M.

We were pleased to represent several of the biggest sales of the year. The first was a $12 million mansion in Ascot with its own Batman-style tunnel and one of the best man caves we have ever seen. The home sold before it could even reach auction.

We also sold a riverfront property in Hawthorne, which went for $10.21 million at auction. This was Brisbane’s highest residential auction sale and the suburb’s average values grew by a highly respectable 9.3% last year.

Another success story was a Mediterranean-style trophy home, which was exchanged for $8.45m in May. This was located right by the river in Bulimba, where the median jumped by 30.7% between the start and finish of 2022.

These figures indicate how it is more than possible to sell for an outstanding price. Remember, last year was supposed to see a downturn… we certainly didn’t notice one.

Don’t listen to the headlines

Interest rates and inflation tend to influence the middle of the market far more than the luxury end and this is what the headlines refer to.

You may have seen reports of an overall, nationwide downturn but this takes every single postcode into account. As shared by, there are plenty of parts of Queensland where prices have doubled and even tripled over the last five years.

When we look at the year ahead for Brisbane property, particularly at the higher end of the market, we see prices holding or even rising for the following reasons:

  • Luxury homes are tightly held and in demand. A shortage of sellers will keep prices strong
  • Brisbane is the place to be thanks to the upcoming 2032 Olympics. Savvy buyers know it doesn’t matter what price they pay: their home will be sought after for at least the next ten years
  • With global share markets being unpredictable, a stable ‘bricks and mortar’ investment is a safe bet

Property predictions from industry experts

Recently, SQM Research forecast solid growth for Brisbane. The company’s Head of Research Louis Christopher said he believes a pause in interest rate rises will come no later than June, along with a recovery in Australian capital city dwelling prices. So even if there is a ‘price correction’, it isn’t likely to slow things down for long.

Industry insider Michael Yardney also pointed to positive growth, describing the city’s long term fundamentals as “strong”. He reminds his readers there is not “one” Brisbane housing market and says he expects “a flight to quality properties and an increased emphasis on liveability.”

Meanwhile, Canstar’s Australian property market report says Brisbane is likely to produce growth numbers boosted by internal migration and major infrastructure projects, with the 2032 Olympics a beacon for investment.

Get ready for a big year

We have been working behind the scenes over the summer break to make the property selling process easier and ensure every listing attracts the maximum attention from purchase-ready buyers.

Remember, we are the Competition Creators™. Property predictions aside, our focus is delivering the best results and experience for our clients..

Hope you enjoy the read.

Matt Lancashire