National Property Market Wrap for 2022 with Leigh Martinuzzi
Housing values across Australia end the year 2022 on a weaker note as prices fall over December by -1.1%. Property values for the 2022 calendar year are down -5.3%, which is recorded as the second biggest decline since 2008 when property values dropped by 6.3%. Regional areas were impacted less by falling prices than our major capital cities. Brisbane was also mildly impacted, however, the market started to fall later in South East Queensland compared to the likes of Sydney and Melbourne. The chart below highlights the property values index across the nation as of 31st December 2022.
Keeping in mind that prices rose on average by 28.9% during the upswing of 2020-2021. We can also look at property prices now compared to before the COVID pandemic and can see that prices are up 11.7% in our capital cities and 32.2% in our regional markets.
The number of advertised properties for sale ended the year down significantly, with reported figures suggesting stock levels in our capital cities were down -7.8% at this time last year and -19% over the five-year average. The key reason for this is that over the past four weeks new properties listed for sale compared to this time last year are down -30.8% and -10% below the five-year average. The average time on the market has increased to 31 days which historically is low and can be attributed to fewer properties for sale.
Property sales saw a downturn in the last few months of 2023. CoreLogic has reported capital city sales were -30.1% a year ago and -9.2% over the five-year average. Annual sales for 2022 were down -16.5% from 2021 yet up 7.4% above the previous five years. Typically, we see a surge in new properties being listed for sale from February all the way through to Easter and I expect this year we will see a larger spike in property listings.
For my 2023 forecast and local market trends, stay tuned for my December Quarterly Newsletter, out soon.
AUCTION CLEARANCE RATES
- Queensland – NA (1/81)
- NSW – 100% (1/129)
- Victoria – 50% (2/217)
- ACT – NA (0/3)
- South Australia – 100% (1/54)
- Tasmania – NA (0/14)
- Western Australia – NA (0/160)
- Northern Territory – NA (0/5)
*(Auctions/Private Sales)
REVIEW(S) OF THE WEEK
Great communication, and excellent experience.
Leigh and his team did a superb job in helping us find our new home. His communication throughout the process was great and ensured we were able to get into our new home by Christmas. – Buyer
