December Property Update 2022
As 2022 comes to a close, we can reflect on what has been an exciting year for many with property and challenging for others. There has been plenty of uncertainty in the property market and greater economy, I believe that we will see more certainty in 2023
Other key points to note
- The RBA increased the Official Interest rate this month by a further 25 basis points to 3.1%, which was the 8th consecutive increase.
- The RBA meets again in February where it is predicted to increase again.
- CoreLogic’s national Home Value Index (HVI) moved through a seventh month of decline in November, down -1.0% over the month to be -7.0%, or approximately -$53,400, below the peak value recorded in April 2022.
- The current rate of decline is now decreasing and I expect to stabilise soon overall, with many markets already stabilised.
- Total number of properties listed for sale are the lowest since 2010 and regional listings are their lowest since 2007. We hope to see more listings in 2023.
- Rental markets around Australia remain extremely tight, with vacancy rates holding around 1% or lower in most regions.
- Vacancy rates have been driven lower by a combination of low rental supply and rising demand after a strong rebound in net overseas migration.
- Gross rental yields are now starting to increase.
Next month I will give my 2023 predictions, and our team is working throughout the Christmas and New Year period and also available should you be looking for a property or have any property related questions.
I wish you and your families a very Merry Christmas and a Happy and Safe New Year.