Video: 2023 BMW M3 Touring arrives in Australia

For the past 36 years there has been one key piece missing from the iconic BMW M3 puzzle; a station wagon.

Sure, BMW thought about it, and even created a concept using the third-generation 'E46' M3 in 2000, but nothing would eventuate… until now.

To mark half a century of the tri-colour ‘M’ badge in 2022, the circle is complete with the first-ever five-door BMW M3 Touring, set to join the Australian line-up in early 2023.

To be available globally in a single, all-wheel-drive Competition xDrive specification, the 2023 BMW M3 Touring offers all the right numbers in all the right places.

Up front, the familiar 'S58' 3.0-litre twin-turbo inline six-cylinder petrol engine offers 375kW and 650Nm. Power is sent to all four wheels through a variable 'M xDrive' all-wheel-drive system and eight-speed 'M Steptronic' automatic transmission.

This gives the fast wagon a claimed 0-100km/h sprint time of 3.6 seconds.

Rear suspension components have been tuned to help balance the load-carrying ability of the wagon with its performance demands, and the car naturally sits on adaptive dampers to allow for dynamic ride selection by the driver.

Down the back, a 500-litre cargo area can expand to 1510 litres with the seats folded, and retains the convenient split tailgate – with a glass rear window that can be opened separately for quick access – of the regular BMW 3 Series Touring wagon.

There’s no heavy panoramic glass sunroof, just a slick steel top (finished in gloss black regardless of colour) to help keep weight down, as well as additional aero components to help with stability at speed.

Inside, the M3 Touring receives the updated 3 Series range's interior, combining a 12.3-inch digital instrument cluster and a 14.9-inch touchscreen display running BMW's latest OS 8 software.

Pricing is yet to be announced, but Drive is expecting to see a slight uplift on the $169,500 plus on-road costs M3 Competition xDrive sedan.

Given that in regular 330i M Sport trim the Touring body style commands a $4000 premium over the regular 3 Series sedan, it's reasonable to assume this will put the M3 Touring somewhere around the $175,000 mark before options and on-road costs.

The 2023 BMW M3 Touring is set to go on sale in Australia in the first three months of next year.