Five Property Predictions for 2023

2023 will be a buyers paradise!

While no-one can predict the future with certainty, using our Five Property Predictions for 2023, at least you can play along at home with our crystal ball-like activities. When we have generated these – they aren’t out of complete thin air. There are always little markers that point the direction that things will go. Unfortunately for most the information that you need to make an accurate assessment of the future isn’t freely available. 

These next five videos offer not only our ‘property predictions’ for 2023 but the reason why we expect those outcomes.

Prediction #1 : Interest rates keep rising

No-one really knows exactly what the Reserve Bank will do – we all remember the now infamous promises that the cash rate wouldn’t move before 2024.

However, at the start of 2023 it seems extremely likely that they will keep attacking inflation. The number one lever that they have to pull is the offical cash rate and until inflation comes under control we will probably see interest rates climb. 

Dan’s best bet was to have two (maybe three) more rate rises in February, March and April… before we see a plateau on the rates. 

Prediction #2 : More Builders will Collapse

2022 was a terrible year for builders – they were truly faced with a lose-lose proposition. They were always going to wear the brunt of some significant international supply issues & local workforce shortages in one of two ways: build houses at a loss while honouring fixed price contracts; or by suffering reputation damage when they couldn’t deliver on their promises. 

In no way do we believe that the construction industry has recovered. Rather, we actually expect that the slow down in residential construction will actually result in even more builders collapsing in 2023. 

There are a few things we look out for when as ‘red flags’ when considering builders at risk: delays before starting a project & delays during construction due to trade unavailability (are there concerns with the trades being paid?)

Prediction #3 : Property Predictions Market Crash

The media loves to get our attention by fear-mongering around the property predictions market. After all, more than 50% of Australian’s own a property predictions – so we are heavily invested in the success of the market. 

So will we see a crash? Some commentators are property predictions a 20% correction… some are actually predicting that some regions won’t have a correction at all! 

Our stance remains that the property predictions cycle has four phases: expansion (growth), contraction (correction), balance (plateau) or recovery (returning towards growth). At the end of 2022; the markets in Sydney and Melbourne were already well into their correction while Adelaide was still in a growth phase. 

As you can see – different parts of Australia are in different phases so there simply won’t be an Australia wide crash. There are different reasons why we also won’t experience a crash – but they are all about Housing Policies at the highest level of government – a story for another day! 

Prediction #4 : What Property will Perform Best?

It’s time to get honest about property  predictions – not every house is made equal. That might be hard for someone to fathom if they had only been looking at the property market since the start of Covid (when it seemed that any property that you bought seemed to go up in value). 

2023 is going to be the year that inexperienced buyers (and sellers) really get found out. The headline read that 2023 will be a buyers paradise, but really it will be a competent buyers paradise. For some sellers, it is going to be terrible. 

What do I mean? In short – there is going to be a very limited amount of high quality, well priced properties to buy. I’m not even expecting that they will hit the open market because astute investors are sitting poised to act as soon as the right properties are available. 

These are going to be properties that are in great locations with numbers that make sense – as rates are going up, cash flow is going to be far more important than it has been in the last 5 years – because it will be the difference between whether you can afford to hold the property predictions long term or not. 

Prediction #5 : More Changes to ADF Entitlements

The ADF is in the midst of a recruitment and retention catastrophe. Record low levels of unemployment mean that civilian employers are being forced to increase the wages on offer – and that becomes very attractive to a lot of ADF members. 

Credit where credit is due – the hierarchy seem to recognise this issue and seem to be pulling whatever levers they have at their disposal. In February we are seeing the rollout of new DHOAS qualification periods (read more here) and there are many reports of TIGER Teams getting around to discuss new initiatives. 

But there are only a certain amount of levers that can be pulled from inside the Department of Defence and it would be our guess that any major changes that come downhill would need to be within the current budget; therefore remaining minimal in the effect they can achieve.

Disclaimer for the Strike Property Predictions

Note: these videos should definitely not be taken as any form of formal advice & you should consult your team of specialists before adjusting your financial position in any way. Rather, we hope that you received some good quality entertainment from them – we will certainly enjoy watching them back at the end of 2023 to see how accurate we have been. 

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