Property Values Predicted to See Major Price Fall in 2023
REA Group’s Cameron Kusher has discussed why people are predicting significant price falls on housing properties across the country in 2023.
“The reason why we’re expecting larger price falls … is the differential between the cost of renting and the cost of servicing a mortgage in those cities is much wider,” Mr Kusher told Sky News host Chris Kenny.
Property values predicted to see major price fall in 2023
“Most of those cities have seen relatively stronger price growths either through the pandemic … or over recent years.
“It’s a case of what goes up while interest rates are coming down reverses when interest rates go up, and that’s what we are expecting to see this year.”
Here’s what others had to say:
Blake
With the regulators previously making banks assess affordability (I think) with a 2.5% buffer, does that make the market less sensitive to interest rate rises? To slow the economy, will interest rates have to go higher to achieve the same effect? Just thinking…
Jerry Wong
The median house price in Strathfield is $3.6 million. Up 12.9% in the past 12 months.
Actual Facts
Property only gets cheaper if you don’t need a mortgage to buy it.
liberty ranger
The low interest rates are what was actually the issue because its created this bubble in the real estate market, people get all fomo about the low rates and they end up paying too much and borrow too much and they get caught out when rates eventually rise.
Rick Sanchez
If you thought the lack of available rentals was bad before then you better brace yourself…
No Body
I live in the house I own. Beyond a simple curiosity as it’s value, now I own it, its value is irrelevant: I can’t eat the third or travel overseas with the forth bedrooms.
Grandpa Vince
Great news for vincey I’ve been trying to find a home for a young hardworking dingo family of 9 with triplets on the way.
Steve B
Please don’t feel sorry for the young fools who have to have the big flash house with all the mod cons . The low interest rates just made it possible for them to live above there means. Back in the day we brought shitty old miners cottages , until we got our feet on the ground. Then moved on.
Palmers Olga
I am appalled by the status of the housing market as a landlord in Tampa. I, on the other hand, was unaffected by Ian’s brutality. I have increased the rent on my residences and saved one million dollars for an early retirement at the age of 47, despite the fact that the stock market is not currently performing well for me. No matter what the Fed does, my major worry is that I regularly think about how to take advantage of the market.
Shyam Chabra
Debt – an instrument of control by government. Unfortunately, Australia could not exist without it!
ozmaniac49
Albo & Chalmers will introduce a relief fund for stressed borrowers in Labor held seats, paid by the taxpayer. You saw it here first.
ConstructionHoney
Property is a long term investment….either way you need to live somewhere. Rent or mortgages, it is just expensive if you have debt or rely on someone else to house you….
Maria Hewitt
“You will own nothing and you will be happy ” Klaus Schwab quote.
Digital currency coming our way sooner than we think.
Universal Basic Income.
Microchiping.
You will eat ze bugs!
———————————
Resources:
https://youtu.be/z-zt8fy4e54
https://www.msn.com/en-au/news/other/property-values-predicted-to-see-major-price-fall-in-2023/ar-AA17cxlR?ocid=msedgntp&cvid=9db9ac1e7c6d48ba979ca06e16ac3d78
