After A Wild Year, What's AHEAD

Written By Claudio Cuomo

Heydiho, here's hoping your start to 2023 will be a prosperous one ahead in health, happiness and life.. After a pretty WILD 2022, we take a look at few different angles and expert opinions on what's on for the year ahead.. 

After one of the faster rate rising cycles ever seen in Australia's history, leading economic experts expect this to slow in 2023, with a predicted 2-3 further rate rises up until July/August. Then a pause, ahead of potential rate cuts, pending the overall economic outlook as we head into 2024.

Given the historical data shows a balanced and healthy economy has classically seen interest rates between 6%-7%, it's important to understand that the exceptionally low rates we saw over the past decade or so, were essentially emergency measures to keep the economy stable and flowing. With the direction we are heading in now, set to stabilize markets and see most sectors return to more traditional peak and trough cycles.

With the above in mind, we have essentially seen buyer borrowing capacity reduced by upto 25% with the past 300 basis points of interest rate rises. What this has meant is yes most property market prices have aligned very quickly over the past 9 months. However a fresh surge of buyer activity in 2023 has meant that correctly priced properties have been attracting much larger inspection numbers compared with the back end of last year, and seen properties selling much faster with competing offers and bidders, so far back in January 2023. A positive signal that buyers are accepting and aligning to new property market conditions and realsing unless they want to pay almost 30% higher rental prices, the long term benefits of entering the market and owning a home at current interest levels will outweigh this factor in the long term.

With life largely back to pre-covid normal conditions, the expectation of Melbournians continuing to retreat to regional and interstate destinations will slow and that these markets will see the biggest drop in values this year. Coupled with the influx of new migration expected to stabilise housing demand in the traditional capital city markets.

For more insight into the article Cameron Kusher, simply CLICK HERE.. Or to re-watch our short 2023 Forecast video from last week. CLICK HERE or BELOW..

 
 

This Week C+M Also COVERS:

  • What's Ahead This Year..

  • What's My Property WORTH.?

  • C+M Market Activity & Clearance Rates..

  • Your Suburbs SOLD Results

  • LAST CHANGE Santa Letters..

 
 

Book a CURRENT PRICE Check?

Curious to get an UPDATE on where your property value sits this 2023. If you'd like to BOOK in your complimentary new years 'PRICE CHECK'  online today.

It's quick and easy. Simply CLICK HERE or HIT the IMAGE below, and follow the 3 easy Steps... 

 

The week's PRE-MARKET and YET to be Photographed homes:

The week's NEWEST home to market at C+M Residential:

The week's local SOLD results at C+M Residential:

 

Auction Clearance STATS:
22/01/23

*preliminary results based on REIV results for the past 7 days

 
STATISTIC DATE No. or %
Total Auctions This Week 56
Total SOLD This Week 15
SOLD Prior This Week 15
Clearance Rate This Week 57%
SOLD after Auction This Week 2
Withdrawn This Week 14
Total Scheduled This Week 88
PASSED IN This Week 10
 
 
 

Your suburbs SOLD results:

GLENROY

HADFIELD

OAK PARK

PASCOE VALE

PASCOE VALE SOUTH

FAWKNER

BROADMEADOWS

COBURG NORTH

 
 

Quote of the Week..

 

“With the start of a New Year upon us, why start it with a mindset of KINDNESS..”

 
 

Unmistakably Yours - The Claudio Cuomo Team

Claudio and team,

Need more specific information relating to your property? Or have property related questions..?

Just call the Claudio Cuomo Team - 'Your Area Specialist' and local friends in real estate.

Claudio Cuomo
Previous

Will Low Listings Persist in 2023.?
Next

Your 2023 Market Forecast