Overwhelmingly the theme of property markets across Australia is one of recovery.
Hotspotting’s new Spring 2023 survey of sales activity throughout the nation shows that most of the cities and regional markets which had been in decline are now moving emphatically into a phase of revival.
Sydney, Brisbane and Melbourne, as well as the regional markets of Queensland, South Australia and Victoria, are leading a significant momentum shift in Australian real estate.
The recovery in activity and prices has been building gradually since the start of the year but has surged to another level in the latest quarter.
The Spring 2023 edition of The Price Predictor Index is the most optimistic quarterly edition since 2021, following 18 months in which many markets struggled and sales activity steadily declined.
Now we have a situation where seven out of ten suburbs and towns across Australia have positive trends with their sales activity, with the biggest single cohort being the recovering markets – places where the previous downward trend with sales activity has been arrested and is starting to head into positive territory again.
The only markets to resist the national trend of strong revival are the ACT and the Northern Territory, with Canberra undoubtedly the weakest market in Australia at present.
The nation’s leading market now is Sydney, slightly ahead of Perth which has been strongly resistant to downturn pressure and has been the No.1 market nationally over the past 12 months.
In Sydney, 82% of suburbs have positive trends with their sales activity, which means buyer demand. In Perth, 79% of suburbs are upwardly mobile in terms of sales volumes.
The other standout jurisdictions are Melbourne (which has seen a dramatic turnaround in its fortunes), Brisbane (also heading into recovery after 18 months of struggle), Adelaide (which has defied the downturn and continues to show consistent strength) and the regional markets of South Australia and Queensland.
Overall, looking nationwide, this is the busiest and most positive period in residential real estate since 2021 – and it’s happened despite a dozen interest rate rises.
The Spring 2023 edition of The Price Predictor Index is the most optimistic quarterly edition since 2021, following 18 months in which many markets struggled and sales activity steadily declined.
So get yourself a copy of The Price Predictor Index.  It’s a great way to be informed about individual markets right across Australia – and their prospects for 2023 and beyond.
