The suburbs set to surge

Expert insight into market rebound

HOME hunters gearing up to buy in 2023 have been gifted exclusive expert insight into the Queensland suburbs predicted to boom in the year ahead, with the state tipped to lead a nationwide market rebound.

Annerley, Eagleby, and Eastern Heights are among a select group of locations handpicked by one of the country’s most respected property analysts to outperform over the next 12 months — and he says now is the time to buy before the market takes off again.

Ryder Research Resources managing director and Hotspotting property analyst Terry Ryder said the Brisbane housing market would bounce back from this year’s slowdown to become a growth market once again in 2023.

“Few markets across Australia have better prospects for growth than Brisbane’s,” Mr Ryder said. “I think 2023 is going to be a growth year for property — not a boom year like 2021, but there will be more places seeing prices rising than falling, and Brisbane and regional Queensland will be at the forefront of that.

“In the next 12 months, Brisbane is likely to produce growth numbers boosted by internal migration and major infrastructure projects, with the 2032 Olympics a beacon for investment.”

Canstar’s annual Rising Stars Report, powered by Hotspotting, identifies the most promising locations for capital growth across Queensland in 2023 using a series of forwardlooking indicators including sales activity, vacancy rates, rental growth, and infrastructure spending.

Of the 14 jurisdictions analysed in the report, Brisbane ranks No.2 overall after Adelaide — increasing from 8th place in 2022.

Mr Ryder said Brisbane’s appeal was also part of a national trend where buyers were chasing affordability and, in the case of investors, above-average rental yields.

Many of the Queensland suburbs identified for capital growth in 2023 have median home prices below $600,000, including Caboolture, Annerley (units), Deception Bay, Eagleby, and West End (units).

“This means the cheaper areas of the Greater Brisbane area are still attracting good demand from buyers,” Mr Ryder said.

But he said the affordability gap between Brisbane and Sydney and Melbourne was rapidly closing.

“I think now and early 2023 is an opportunity to buy in Brisbane because (the market) has paused in its growth,” he said. Along with strong rental growth and low vacancy rates, Mr Ryder sees the billions of dollars worth of infrastructure projects underway in Brisbane as having the strongest influence on the future of the housing market.