Sharp rise in home prices forecast for 2023 SydneyRealEstate
SQM Research director Louis Christopher said factors that would drive up demand for Sydney real estate next year included a rise in overseas arrivals, rental accommodation shortages and a robust city economy.
Australia’s strong economic links with Asian tiger economies and careful fiscal management by the Reserve Bank suggested an economic slowdown rather than a recession, Mr Christopher said.“That is not to say it won’t be a close call. No question, there will be major uncertainties, for which we have also published scenarios for. The key in our view is where the peak in the cash rate will be.”
“There have been signals that Sydney’s eastern suburbs has entered into this recovery, particularly for freestanding houses. Appearing before a Senate estimates hearing on Monday morning, the governor said it was “regrettable” that the RBA did not make it clear the commentary was conditional on the state of the economy.
SQM’s Housing Boom and Bust report included three additional scenarios for 2023 price changes based on interest rates, inflation and unemployment, among other factors.
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