Property Market Update April 2023
Written on the 5 May 2023
Summary in brief from our end:
Despite the 10 straight interest rate increases from the Reserve Bank of Australia, which has seen official rates rise by 3.5 per cent, property prices have not only stopped falling, but they appear to be on the rise.
There may be more rate hikes ahead, but the analysis suggests there is light at the end of the tunnel and once interest-rates peak (and that may not be that far off), and once inflation peaks (and that's probably already happened) consumer confidence will return and the market will reset as a new property cycle begins.
But don't expect a rapid recovery - the next stage of the cycle is the stabilisation phase.
There is no end in sight for our rental crisis and rents will continue skyrocketing this year.
Our team has experienced some rapid results in both sales and leasing our facilities and property management team are well updated and striving to seek peak performance in management of the growing portfolio.
As EOFY approaches be sure to liase closely with your property manager and have all your expenses in both statutory, utilities as well as maintenance repair invoices in so you can claim in this financial year.
We wish you a successful EOFY close!