The State Of The Property Market in 2023

 

If you’ve been paying attention to the media through 2023, there was a prevailing sense of doom and gloom, with dire predictions of an impending market correction or even a bubble burst, depending on who you asked. Interest rates have been on the rise, but the anticipated catastrophic bubble burst did not materialize. Instead, there has been a modest adjustment in the property market, and it seems to be back on an upward trajectory.

Why hasn’t the property market crash happened

It’s because property moves in cycles. Each slump is followed by an upturn, then a boom, and back to a slump. The key is for each slump to be less severe than the previous one, ensuring a general upward trajectory.

The population plays a crucial role. Despite a decline during the pandemic, there has been significant growth, especially in states like Queensland. While around 200,000 people migrated there post pandemic, only about 25,000 new dwellings were created. This housing shortage is due to rising construction costs, skills shortages, and difficulties in land development. We’re only building half the number of houses needed, affecting both ends of the market. More people need homes, and this shortage is reflected in skyrocketing rents. Finding a rental has become incredibly competitive, with numerous applicants vying for limited spaces.

Looking ahead at the property market

There are signs of improvement. Build times are decreasing, and pricing has stabilized. Builders aren’t attempting to inflate prices as they used to. These indicators suggest positive movement in the market. Considering the current population growth, investing in housing seems promising. After all, everyone needs a place to live. If you invest wisely in these fundamental needs, you’re likely to succeed in the property market.

For more information and to learn the fundamentals of property investing check out our training videos: https://strikeproperty.com.au/adf-essentials-training-videos/

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