Brisbane property prices tipped to fall more than 10 per cent by the end of 2023
Brisbane home prices should rise slightly this year ahead of a double-digit percentage drop in 2023, a major lender has predicted, as data shows inflationary pressures are even more acute than feared.
“Brisbane has been a strong performer in the housing market, so these declines would see prices end 2023 17 per cent higher than pre-COVID,” senior ANZ economist Felicity Emmett said. “As interest rates rise, mortgage arrears are likely to rise off these lows, but the lift will be limited by large liquidity buffers built up through the period of low interest rates.”
“Despite these large rises, we know that debt is concentrated among high-income households who are more likely than others to have large savings buffers and more income to cover inflation and interest rate changes.The RBA has increased official interest rates by 1.75 percentage points since May as it seeks to reduce inflationary pressures across the economy.
Australian Statistician David Gruen said while inflation would be measured monthly, the prices of only about two-thirds of items that made up the consumer price index would be updated each month. Minutes of the RBA’s August meeting, at which it lifted the cash rate by half a percentage point, show the central bank believes other issues are likely to contribute to inflationary pressures across the economy.
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