By all accounts, Australia’s housing market has a tough act to follow in 2022. Dwelling values soared 22.2 per cent nationally this year – the largest annual increase since 1989, fuelled by ultra-low interest rates, high household savings, government stimulus and relatively low listings.rocketed by 25.8 per cent and Melbourne by 16.3 per cent. Over the same period, the total estimated value of the country’s residential real estate ballooned by $2.2 trillion to $9.
“Housing values rose by more than 20 per cent nationally this year against this backdrop of very modest income growth, which simply means that more and more people have been blocked from accessing the marketplace.” ANZ is forecasting Sydney dwelling prices to rise by just 6 per cent in the next 12 months, Melbourne to grow by 7 per cent and national growth to be 6 per cent – substantially lower than this year, but still above their long-term average performance.
“If we do see any further restrictions introduced, especially around property inspections, we know that that would have a negative impact on housing activity,” he said.“If there are further changes to credit policy, such as further tightening, this would also slow price growth.”
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