2023 so far The housing market has so far defied the predictions of sharp pricing declines. The supply versus demand imbalance overcame the damaging impact of 12 interest rate rises. Sydney ended the financial year with a fourth month of recovery as property values increased another 1.7 percent in June. Since finding a floor in February, the cumulative recovery for Sydney property values has reached 6.7 percent, ending the financial year down by 5.1 percent, which is much less than many experts predicted. Forecast If growth continues at the same trajectory, Sydney house prices are predicted to increase as much as 9 percent by June next year. While prices are expected to rise, affordability is going to restrain the pace of growth. More rate rises are expected to be on the horizon and the serviceability buffers in place have tightened borrowing capacity for buyers significantly in the past 12 months. However, the demand from the increasing population and scarce listings will likely continue to fuel future price increases. With the flow of new listings typically subdued over winter, advertised supply levels will likely remain tight over the coming weeks before picking back up again for the spring selling season. If you have any questions on the real estate market or if you are looking to buy or sell, please contact me, I would love to be of assistance to you. Edward Brown Principal Market wrap.
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