1 minute read
CURRENTMARKET
from EXAMPLE
by Marketing
While there was a slight decline in home values and a dip in consumer sentiment due to increasing interest rates, the year ended with a revival of the market Buyers have now accounted for interest rate increases and record-low unemployment rates and rising wages have renewed confidence Several strong results at the end of 2022 illustrated underlying demand and a shortage of supply
The prospects for the local market remain positive for a continued recovery through 2023, driven by ongoing strong economic conditions and a surge in international migration into a clearly under supplied housing market Green shoots are already beginning to show as inquiry levels increase and open for inspections are well attended Astute buyers are disregarding the negative media discourse and seeing the current market as an opportunity to upgrade.
Advertisement
Experts predict the property market will continue its resurgence throughout 2023 as monetary policy and inflationary conditions begin to stabilise The rapid increase of Chinese inbound travel and accompanying property investment is also set to noticeably have a positive impact by Q2
REA Group recently reported that despite national house prices being 4 5 per cent lower than their peak, they are still 28 5 per cent higher than they were at the start of the pandemic The property portal has also reported buyer inquiry at the start of 2023 was up 67 per cent compared to January 2020
While Domain’s recent analysis of Australia’s combined capital house price cycles reveals in the past 30 years the duration and steepness of an upswing were longer and greater than a downturn, meaning for those viewing property as a long-term investment timing becomes less pertinent
