Welcome. Last year we had a very segmented market, which was caused by the 30-40% price increase in 2021. Unfortunately, whenever something increases in such a dramatic fashion, there will be an alignment back to normality. We found that entry level homes and apartments have dipped 15-25% in most instances, while properties with perfect flow and renovations were hit less with a drop of around 5-10%. The prestige market (8m+) seemed to have little impact and in some cases, there was a slight increase in property value. 2022 has come to an end, bringing a new and exciting year ahead. With an increase in building costs (circa 40%) and builder availability, we are noticing that a significant part of our buyer pool are those that have just been handed renovation or building bills. Based on this, people are leaning towards buying and selling vs renovating and building. It can be hard to predict what a new year may bring but were hoping for less rate increases and the market to level out rather than decrease. There's definitely more positivity in the air and we're looking forward to seeing what transpires in 2023.
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