As the sun sets on another year, there is a lot to remember about 2023 property-wise. It was a long year, our first without a lockdown since 2019, and while it didn’t have the same number of rate rises as 2022, it had way more than we expected.
So who were the winners and losers? The stand-out winners were the unit owners. One and two-bedroom unit owners were rewarded with a major uplift in price, specifically in inner-city suburbs. What the numbers don’t show is many of these owners were only achieving slightly higher than their purchase prices 10 years ago.
While these prices are now rising and there are buyers everywhere, costs to build new are keeping many developers on the sidelines. While there are no new buildings being built, these property prices will continue to rise to meet the demand. The losers have to be renovators and vacant land sellers. With so many unknowns for builders, these projects, normally hotter than a summer seatbelt, sat idle, with buyers offering tentative contracts. If you could build or had a builder, this was the market to buy in. The big ‘watch this space’ for 2024 still has to be in the Brisbane city ring, those suburbs around the city that offer surprisingly strong value. Suburbs like Woolloongabba, Kangaroo Point, East Brisbane, Dutton Park, Spring Hill and Albion. As the city grows, these areas will continue to gentrify and with that will come strong capital growth.
Haesley Cush I This article is from the December 17th issue of The Courier Mail Digital Edition. To subscribe, visit https://www.couriermail.com.au/