Trends to Watch Out for That Will Shape the Property Market This 2023

In 2022, the property industry was so colorful and unpredictable that it dominated most conversations of business people anywhere in the world. When prices went up, and so did mortgages which meant a huge challenge for those who were thinking about renting. The Federal election saw many promises made, including easing the housing supply stress.

It is safe to say that this 2023, property buyers and sellers can expect that certain events in the industry can go both ways so the key is to study the market carefully. Here are important things that they have to really watch out for.

On the topic of price downturn
According to experts, property definitely goes through cycles and that is something buyers and sellers must understand and that is the nature of the market, which can still be considered healthy. At the moment, most capital cities in Australia are going through a price downturn. The global economy expands and contracts, so it is natural to see inconsistencies, but for 2023, it is expected that prices will continue to fall. Fortunately, it is very unlikely that all the growth that was achieved during the pandemic swing will be completely forgotten. Although that was a once a generation achievement, experts are also seeing that periods of price growth will last longer than any period of decline this year. Thus, many should expect a trough market or a stage of bottoming prices before a rise.

On the topic of making home upgrades
Anybody who is looking into upgrading a property, whether it is from a unit to a whole house should be pleased to find out that experts think it’s going to be favorable for them this year. This 2023, it is also expected that there will be more affordable housing options, especially for houses and units.

On the topic of immigration rates
The shut down caused by the COVID-19 pandemic has made it impossible for the property market in Australia to boost sales especially because immigration demand also decreased. This year, however, the surge will put pressure on the rental market. The Australian government included budget to address shortage in skills gap, which means that the quota for the permanent Migration Program will increase as well. This will be the biggest migration drive to happen in Australia in the hopes of regaining interest from overseas people to enter the country that will drive additional demand to the housing market.

On the topic of livable homes
This 2023, experts are saying that livable homes will be a top priority by so many Aussies, since so many adjustments were made that changed the way we live our lives since the pandemic hit globally. This made housing more in demand especially after witnessing the biggest lifestyle shift in recent history. The change not only exposed the systems that needed to change, but also the importance of having a functional home and belonging in a community, which indeed became necessary for survival.