Deputy property editor Michael Bleby explains the housing market’s wild ride in 2022; why prices are still falling, and what might happen next year.
ANZ senior economist Felicity Emmett tells the podcast that property prices are down 7 per cent so far in 2022, and she expects “further significant declines. We’re looking at peak to trough declines of between 15 and 20 per cent”.
“What’s important when we look at this is to give it some context, in terms of the run-up in prices. So, prices were up around 25 per cent in capital cities through the pandemic boom. And capital city prices, on average, will be about 3 per cent, higher at the end of 2023. “Now, when you look at some capital cities like Brisbane, for example, those prices were up of more than 40 per cent through the pandemic, and so an 18 per cent or so unwind would still leave them 18 per cent higher.
“It’s really important that when we’re talking about these – what are very large falls in house prices – that we put it into context of the very quick acceleration in house prices that we had through 2020 and 2021.”
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