Sana Ullah – Real Estate Agent

Australian property market in 2023

The Australian property market has seen significant fluctuations over the past three years but experts predict that the instability may soon come to an end. In 2023, a leading market analyst believes that prices will begin to rise again with potential growth of up to 9% across the country. The market is expected to be driven by factors such as low interest rates, tight rental markets, increasing rental prices, rebound in foreign migration, growing wages, and ultimately, a shortage of housing supply, which may attract more investors to the market.
Australian property market in 2023

What's the current market value of your property??

Get a free, instant property value estimate, see nearby sales and market trends, and update your home facts and photos.

Experts weigh in on what's driving the property market in 2023?


Get an expert Help!

When and where will interest rates reach their highest point?

The housing market is currently wondering about the future of interest rates. The big four banks have different predictions for the cash rate, with CBA forecasting one further 0.25% hike to reach a peak rate of 3.35% in February, NAB expecting it to level off in March at 3.60%, Westpac and ANZ thinking it will reach 3.85% in May. However, none of the chief economists are forecasting the cash rate to move beyond 4%. CoreLogic’s latest report notes that as interest rates peak and inflation eases, housing values are likely to stabilize. It also suggests that rate cuts or other forms of stimulus may be needed before a genuine market recovery can occur.

February 2023
March 2023
May 2023
May 2023

When will the market turnaround?

The big banks are forecasting further price declines in the double digits for 2023, but SQM Research’s managing director Louis Christopher has a different outlook. He has presented four possible scenarios that mostly predict growth returning to the Australian property market. These scenarios are primarily based on what happens with inflation and interest rates, with unemployment figures factoring in as well. In Christopher’s ‘base case’, which is dependent on the cash rate peaking no higher than 4%, capital city homes would rise between +3 and +7% in value by the end of 2023, with Sydney and Perth leading the way. Christopher believes that the markets can recover, and Sydney is expected to lead the recovery driven by the surge in underlying demand for residential property and its diverse economy.

When should you sell your property?

Listing a property is a big decision that requires careful consideration of the advantages and disadvantages. Even if the market feels uncertain, it’s important to remember that there will always be properties being listed and buyers looking to purchase a home. Conditions vary from suburb to suburb, so it’s important to understand your local market and get a ball-park estimate of what your home might be worth by using a free online estimation tool. Speaking to a top local agent is the best way to get a thorough understanding of the local market, what kinds of results are still being achieved, and what the best strategy could be to sell your property. A top agent will be able to provide a no-obligation appraisal of your property and help guide you through the process.
Seraphinite AcceleratorBannerText_Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.