Mar 28, 2023
Media continues to discuss the downturn in “the Australian property market”, but our analysis confirms there are many different scenarios playing out across Australia.
There really is no such entity as “the Australian property market” – because it’s normal to have, at any point in time, markets which are rising, markets which are stagnating and markets that are falling.
This is certainly the case right now in Australia. This is the norm for residential real estate in this very large and diverse country – and it’s nonsense for economists to speak of “Australian property prices” rising 10% or falling 10% – because there is no national market situation.
This reality is illustrated vividly by the quarterly editions of The Price Predictor Index, in which we analyse thousands of housing markets throughout Australia to determine the patterns with sales activity, which means buyer demand.
We do this because sales volumes are a forward indicator of what will happen with prices.
Rising transaction levels are usually a precursor to property price growth.
Equally, if sales activity is falling, price growth will slow, or stop – or prices may fall.
So, right now, our quarterly analysis shows that there are markets that continue to rise, many that remain consistent despite all the disruption, others that have tapered off at levels below the previous peak and some that are showing distinct patterns of decline.
This is “situation normal” in Australian real estate.
Across Australia, there are close to 500 towns and suburbs where sales activity is rising and over 500 more with consistent market performance.
Our new Autumn 2023 edition of The Price Predictor Index shows that Perth, Darwin and Adelaide are the strongest capital city markets, while Canberra and Melbourne are the weakest overall.
So get yourself a copy of The Price Predictor Index. It’s a great way to be informed about individual markets right across Australia – and their prospects for 2023 and beyond.
Get your copy at https://www.hotspotting.com.au/product/price-predictor-index/