PROPERTY IN 2023

what to expect in 2023? will the RBA slow down that rate hikes? will inflation fall this month? Should i keep waiting and risk missing the bottom? should i buy now and risk the market falling further? These are the questions that everyone is asking themselves when thinking of purchasing in today’s market.

The answer to all these questions is no one actually knows, what you can do is look at the patterns of history and make informed decisions accordingly. for example the GFC in 2008, things got tough and the RBA lifted the rates to counter the growing economic tension, and as a result the median house price fell that year on average close to 7%. The years following 2008 in Sydney we saw a rally in property with some areas exceeding 20% growth in the years between 2009 and 2010.

The age old saying is and i quote this a lot on my blog “when things look bad, BUY” let me highlight some facts that you may be forgetting amongst all of the interest rate talks. Across Australia house prices have dropped on average 6% this year compared to the peak in January. To put that into perspective a house that you would have bought for 1,000,000 in January you can now buy for 960,000. Annual Stamp Duty Levy being implemented in NSW in 2023 This alone will also bring an enormous influx of first home buyers into the market which will drive property prices upwards.

Don’t be overwhelmed by the articles and headlines that are only relevant for  the iminate future. Make sure you do your own research and provide yourself with some forethought about the long term future of property in Australia.