OOK FOR OUR HOUSING MARKET IN 2023 We’re noticing that conditions are easing, with rising auction clearance rates, consumer sentiment improving and with supply normalising from its record low, providing buyers with more diverse choice, and the opportunity to negotiate. We’re also noticing that the rate of decline in home values has slowed, especially in Sydney and the Central Coast. With rising overseas migration and short-term visa holders returning, we’re also starting to see an improvement in investment activity which, in time, will also provide more rental opportunities. While property prices and stock on the market may be lower, properties are still reaching expectations. We simply aren’t seeing the competition drive prices above expectations as had been the case the past couple of years. With 2023 within arm’s reach, what does Central Coast’s property market have in store for us? There is absolutely no doubt we face a new set of challenges, a changing economic landscape, and vastly different market conditions to what we’ve experienced the past 12 months. Property prices may continue their downward trajectory until the peak of the cash rate rise is reached. Financial markets are predicting that the cash rate may reach its peak in the first half of 2023. However, between the impact of seasonality and homeowners increasingly reassessing whether or not to list their homes, we’re seeing that the pace of price falls is easing and that the absolute worst of the downturn is behind us. The money market analysis showed house prices were about 7% above their expected trend values as of the end of last year - this was modeled on various economic and demographic factors such as income, credit rates, population and interest rates. It’s definitely been a tempestuous year, but we cannot thank our loyal clients enough for their support, and we look forward to helping you successfully navigate the new marketplace over the next year. LachlanMacdonald &AndrewMacdonald RayWhiteMacdonald Partners
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