In the year to November 2022, the property market has declined but based on SQM Research forecast, it will rise again in 2023.
The property market has changed significantly over the past 12 months.
In the year to November 2021, the national median property price jumped 22.2%, according to CoreLogic. But in the year to November 2022, prices fell 3.2%.
Some capital cities actually recorded price growth in the year to November 2022:
- Adelaide +13.4%
- Darwin = +5.5%
- Perth +3.9%
- Brisbane +3.3%
But prices declined in the other capitals:
- Canberra -1.3%
- Hobart -4.1%
- Melbourne -7.0%
- Sydney -10.6%
That said, every capital city’s median price declined in the three months to November 2022, suggesting all markets are going backwards right now.
However, SQM Research believes that the property market will rise again in 2023.
SQM has provided four different forecasts, based on different scenarios around interest rates, inflation and unemployment. Under the ‘base case’ scenario, SQM has predicted the following price changes:
- Sydney +5% to +9%
- Perth +4% to +8%
- Melbourne +1% to +5%
- Brisbane +1% to +5%
- Adelaide 0% to +5%
- Hobart -1% to +3%
- Canberra -3% to +2%
- Darwin -5% to 0%
With property prices due to rise this 2023, it is worth looking into buying your own property now, than later in the year in order to take advantage of lower property prices. If you’d like more information, please contact us and we”ll be happy to discuss your plans.