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Brisbane Property Price Forecast

By Rikki Cook

In the next six months, we forecast Brisbane house and unit prices to bottom out, with house prices expected to increase by one per cent and unit prices to be unchanged. House prices are then expected to grow by 3 to 5 per cent and units by zero to 2 per cent in 2020. Brisbane house prices fell by 2 per cent since the second half of 2018. Unit prices have fallen by about 10 per cent from their 2016 peak.

There are some signs of a turnaround in Brisbane (and south-east Queensland more broadly). The average number of attendees at open for inspections is up 15 per cent compared to before the election. But auction clearance rates remain weak and prices are still falling slowly.

The unemployment rate is expected to remain elevated in Queensland (at 6 per cent) and although the Brisbane apartment construction boom is ending, there are still a significant number of apartments coming onto the market. Relative affordability has made Brisbane and south-east Queensland attractive compared to Sydney and contributed to strong interstate migration. This is expected to continue, with annual population growth remaining at 1.75 per cent in 2020. Low interest rates and a lower Australian dollar will also boost the Queensland economy and property prices.  House prices are also likely to turnaround in the Gold Coast and Sunshine Coast, although we expect a smaller pick-up as these coastal cities look relatively overvalued compared to Brisbane.

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