November Property Update 2022


  • The Reserve Bank has again increased the official interest rate by 25 basis point this month to 2.85%, as they try to slow inflation which is the highest that it has been in over 30 years.
  • I expect inflation to peak soon and will decline in 2023 and the RBA forecasts it to be closer to 4% in late 2023.
  • The unemployment rate was 3.5% in September which is the lowest in 50 years.
  • Sydney house prices are now down 10.2% since their January peak. 
  • Melbourne is down 6.4%. 
  • Brisbane has declined 6.1% and Adelaide and Perth have declined less than 1%. 
  • Hobart is down 4.7%.
  • Canberra is down 4.4%.
  • Darwin has not yet declined, but it is still 10.1% below its record high in 2014.
  • Properties listed for sale is still down, being 9.3% lower than last year. 
  • Properties are taking longer to sell, averaging 36 days compared to 22 last year.
  • The auction clearance rate is averaging 59.5% compared to 78.5% this time last year.
  • Rental growth is starting to slow, with Sydney up 10.4% and Brisbane up 13.5% over the past 12 months.
  • Rental yields are on the increase from the recent lows, and buying opportunities for investors are appearing with investor lending increasing as a percentage compared to owner occupier.

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