THIS MONTH IN RAY WHITE NOW
It ’ s been a slow 12 months for property with the market seemingly stuck . Prices have come back but there ’ s a shortage of properties for sale . Theoretically there are bargains to be found , but they ’ re difficult to find . The number of properties listed for sale in capital cities over the three months to January 2023 were down 42 per cent compared to the same time the year before .
While this is the case , it does appear that the worst of the downturn is now over . Prices have now stabilised in smaller cities such as Brisbane and Perth , while Melbourne and Sydney appear close to the bottom of the market . Meanwhile , we may see one more interest rate rise however this is likely to be the last . Inflation has now almost certainly peaked and the economy is finally showing signs of slowing . The downturn may not be over but the worst of it is .
This month we take a look at the suburbs in Australia which are defying the downturn . Property markets are complicated and although interest rates are one factor that drive pricing , it ’ s not the only one . The suburbs where prices continue to grow are generally more affordable and are driven by population growth or localised economic growth . In contrast the suburbs seeing the largest declines are those that saw the biggest jumps during the pandemic and are also the most expensive . Interestingly , they ’ re also the areas that see the largest increases long term .
The office sector is one that ’ s seen considerable change over the last three years and vacancy rates have risen as more people work from home . Nevertheless , there are some areas that are still seeing strong demand and these suburban locations may surprise you .
We hope you enjoy this month ’ s Ray White Now .
Nerida Conisbee Chief Economist Ray White Group
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