Currently, home prices are continuing to rise across Australia and auction clearance rates remain high. With borrowing costs lower than ever before, paired with the reassurance from the RBA that interest rates will not rise for a number of years, it is expected that buyer demand will maintain its strength throughout 2022. As always, there are multiple real estate markets around Australia, but in light of the strength in housing finance, increased auction clearance rates and continued reduced stock levels, housing prices will continue to rise gradually through 2022.
However, prices are predicted to fall in 2023. The key contributor for the predicted 2023 price drop is the anticipated lending restrictions set to be enforced by the Australian Prudential Regulation Authority (APRA) later this year. As such, ANZ has forecast a national 4.9
per cent lift in property values in 2022, followed by a 4 per cent fall in 2023.
The first half of 2022 is the time to take advantage of the opportunities that the current property market is offering.
If you’re thinking of buying or selling, residential or commercial property, the Eastern Conveyancing team is here to help you every step of the way.