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One of the leading property markets in the country has produced a study outlining what trends it sees occurring in the coming year, following many years of chaos not only in the property market but in the globe as a whole. My, how a year can change things. Domain’s Chief of Research and Economics, Dr. Nicola Powell, said that 2022 would go down in history as the year when the Australian real estate market shifted from a once-in-a-generation property boom to a slump. “2021 was an unusual year when housing demand increased to an all-time high, house prices soared, supply

SYDNEY (Reuters) – Strong domestic demand pulled in imports and miners paid more dividends overseas, pushing Australia‘s current account into deficit for the first time in three years last quarter. However, the impact on economic growth was less severe than initially expected. According to figures released Tuesday by the Australian Bureau of Statistics, the current account deficit widened to A$2.3 billion ($1.54 billion). It was much lower than the A$14.7 billion surplus recorded in the prior quarter and the A$6.2 billion surplus that had been anticipated. Grace Kim, acting head of international statistics at the ABS, said that the deficit

With people dipping into savings to shore up spending and a decline in property services, Australia’s economy slowed more than projected in the September quarter. Growth in gross domestic product slowed to 0.6% from 0.9% in the previous quarter and 0.7% from the last June quarter. The 5.9% annual rate was an improvement over the prior year when about half of the economy was locked down due to Covid. The new Springfield housing subdivision in Ipswich, Australia. The rise in the third quarter of 2018 was driven by consumer spending buoyed by higher incomes and reduced savings. The ABS said

A new analysis finds that smaller capital cities will shine in 2023, providing the greatest value for property searchers, whereas regional locations were the hot destinations to purchase this year. Canstar’s annual Rising Stars Report, which tracks the Australian real estate market and is driven by investment research company Hotspotting, has identified which areas are most likely to see property price increases in 2023. Based on sales, price growth, vacancy rates, rental growth, infrastructure expenditure, and amenity availability, 110 property sites were selected nationwide. After factoring in current prices, Adelaide, Brisbane, and Perth all had the highest expected gain in