Property Market Update - December 2022
2023 will be all eyes on the property market, with the impact of higher interest rates and economic uncertainty producing some caution and subdued market activity
Prices at the end of 2022 were lower than at the end of 2021 – here on the North Shore that was a reduction of 16%. It’s important to keep last year’s price decreases in context. Comparing the last quarter of 2022 to the same period in 2020 – you will see they are similar with 2022 still slightly ahead and current values still well ahead of 2019.
And whilst prices have eased, it appears the rate of decline is slower – this is evidenced by the December North Shore Median of $1.28M being the same as August.
Sales volumes have also been significantly impacted. On the North Shore, there was 3,200 property sales last year compared to 4,900 in 2021 and 4,500 in 2020.
It is anticipated volumes will increase this year as many make necessary transactions to adjust to the new environment
If you are a buyer, the current environment is creating opportunities. If you can make the finances work – this is the market many have been asking for – more stock, less competition, and easing prices.
For those looking to sell it will be critical to be aligned with the best, most trusted real estate team to provide the right advice & assistance with the presentation, marketing, pricing & negotiation.
“Spending time around our offices this week I have been impressed at the activity early in the year with multi-offers, back-up offers, and pre-auction offers. There have also been several stories of properties that have been on the market for a long time now under contract. Many of the successes were following adjustments to the sales strategy”
So, an interesting year ahead – some uncertainty and volatility – but still lots of opportunity.
