Is The Australian Housing Market Going To Crash In 2023?
There is some seriously negative media commentary in Australia at the moment.
Inflation was over 7.5% in the last 12 months.
We have just been through the most aggressive interest rate cycle in Australian history. The stock and crypto markets have taken a dive.
Banks have started to collapse in the US.
Builders in Australia seem to be going broke every other week.
The sentiment towards property in Sydney and Melbourne is at the lowest point since the GFC, and we have just seen the largest property correction in a single year in recorded Australian history.
But... it's not all doom and gloom. According to Phil Anderson and Simon Pressley the media have it all wrong.
In fact, they both believe house prices in Australia will grow by an average of 2% to 7% in 2023 and could grow by as much as 50% + in some Australian locations over the next 4 years.
On top of this Core Logic believe we saw the bottom of the property market in December 2022.
Prices in Sydney actually went up in February for the first time since the start of the interest rate rises.
If we look back at history property prices actually rose in 10 of the last 11 interest rate rising cycles (Property Share Market Economics).
Supply and demand are completely off in Australia with a low number of properties for sale.
The ABS expects another 200,000 people to permanently move to Australia in 2023, with another 500,000 students to move in to study in 2023 alone.
The unemployment rate is at 3.4% and incomes are rising fast.
We have no idea what's coming next, but neither does anyone else no matter what they tell you.
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