Predictions for the 2023 residential property market remain optimistic in Australia and New Zealand. December 2022 and January 2023 are following ‘as expected’ trends – the southern hemisphere summer is, of course, a traditionally quieter time for the industry.
Forecasts for the first half of 2023 suggest some positive trends, with some industry watchers predicting a much healthier first and second half of the year across both sides of the ditch.
In New Zealand, the mood is positive. The Real Estate Institute of New Zealand’s (REINZ) December 2022 figures show that while house prices are easing, it is at a slower rate than previously. That suggests the market is just right for buyers to take advantage. First-time buyers, downsizers and investors may well be the persons to benefit the most.
Jen Baird REINZ chief executive suggests that for some buyers, now is a great time to be in the market. “If you can make the finances work, this is a good time to be a buyer. More stock, less competition and prices continuing to ease, will allow those who can get all the ducks in a row to buy well.”
In Australia, ‘After the end-of-year break, market activity is expected to pick up sharply in the second half of January, as it normally does once buyers and sellers return in the new year,’ according to the PropTrack Listings Report for December 2022.
‘While selling conditions have clearly softened from where they were in early 2022, and market activity has slowed, the fundamental long-term drivers of demand for housing remain solid.’
Which Real Estate Agent draws its 2023 predictions from the SQM Research’s Housing Boom and Bust report for 2023, forecasting ‘…capital city house prices will rise between 3% and 7% dependent on interest rates not going above 4%, inflation dropping to 5%, and unemployment staying below 5%.’
One thing all the experts agree on is to look out for regional fluctuations. What might be happening in one region might not necessarily be happening in another. As potential buyers latch on to this trend, expect the search net to be cast wider.
Whatever happens in 2023, as always, real estate agents remain passionate, committed and ready to react to market trends, and ready to work smarter to deliver the best results for their clients. The advice is that the most successful agents will be the ones who are proactive now, getting in front of prospective buyers by investing in name and brand awareness to be ideally placed for the upturn. Contact us and discover how ListingLogic can make a difference at sales@listinglogic.com.
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