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Five reasons to expect a cooling in the Australian property market and falling prices in 2023

MBA Financial Strategists•Newsletters•Five reasons to expect a cooling in the Australian property market and falling prices in 2023

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The key points in the article are as follows:

  • After a 22% rise in Australian home prices this year, they are expected to slow to 5% growth in 2022 with prices likely to fall 5-10% in 2023.
  • The main drivers behind the slowdown are: worsening affordability; rising supply; rising rates; macro prudential tightening; & a rotation in spending away from housing.
  • The main risks on the downside are another big covid set back or faster rate hikes & the main risk on the upside would be a fast return to pre-covid immigration.