2023 was a year like no other, with each new month presenting both challenges and opportunities in property.
In a scrambled bid to get inflation under control, the RBA continued to increase the cash rate — that’s a total of 13 times since May 2022. Tightening credit conditions amongst banks also made for challenging borrowing conditions. Even with the latest quarterly inflation figure of 5.4% (September 2023) down from 7.8% (December 2022), general cost of living pressures still hit the average household budget hard.
The sale of Taylor Swift tickets caused actual mini waves of inflation. Who knew?
It’s been a rollercoaster, to say the least.
But we’ve seen some exciting things happen across Australian and New Zealand property markets and already we’re seeing that success overflow into the new year. According to PropTrack, monthly home prices for 2023 grew steadily across most of Australia, with a national annual growth rate of 5.52%. Even with continued rate hikes, the lack of housing supply continued to push up prices resulting in strong sellers’ markets overall.
This year it’s predicted the low housing supply will continue to support strong markets with the CBA tipping a 5% price increase for Sydney property prices and 2% in Melbourne.
It’s been our absolute pleasure to help support our customers with their property goals this past year. One of our favourite renovation success stories was Christina from Melbourne who contacted us about getting her Toorak apartment presented for sale. We love hearing that our customers have achieved top dollar for their properties, and if you have a look at the before and after shots I think you’ll agree the results speak for themselves.
We’re excited to announce our latest offerings for 2024.
Our continued expansion in New Zealand has seen some fantastic results for our customers and we’re proud to a part of the auction community — special thanks the LVD World Auctioneering Championships for allowing us to get involved and we’re excited to be attending again this year.
We’re proud to have gotten even more involved in our local communities, supporting Wesley Mission’s Red Bag appeal and Women Up North Housing over the Christmas period.
We want to take this opportunity to thank you once again for your continued support of Property Credit. We expect yet another challenging and exciting year ahead and we’re committed to helping you achieve your property goals for 2024.
From the entire team at Property Credit we wish you a very happy new year.
This article is for general information purposes only and is not intended as financial product advice. Consider seeking independent financial advice that relates to your individual circumstances.