Highlights

• 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.