News Corp Australia Network
WITH 2022 now at least a few hours in the rear vision mirror it’s worth reflecting on just how much change was crammed into one year and which markets were the winners and losers.
Affecting the property market this year we had floods, lockdowns, supply chain issues within the building industry and eight interest rate rises adding 3 per cent to the cash rate, plus the external challenges of Covid.
RELATED: The interest rate ‘hazards’ Aussies will face in 2023
However on the positive side of the ledger we also had the strongest interstate migration, major international attention due to the upcoming Olympics and significant construction projects including the Queen’s Wharf nearing completion.
Now that the dust has settled on 2022 the results are likely obvious.
The resilient sections of the market were active looking to capitalise on the long term forward outlook. They could see beyond the short term pain/noise and saw the uplift that is likely coming. The more vulnerable parts of the market sat on the side line and that caused the belly of the market to pull back.
THE RESULTS:
Best & fairest: ‘The prestige market’ has been less affected by interest rates and other distractions. These astute investors saw the long term benefits and took action.
RELATED: Floating homes, car elevators lead ‘right sizing wave’
The most improved: ‘The unit market’ fought against the odds to shine. The prices were just too low when compared to rents and the yield/buying opportunity saw strong interest in units.
The one to watch: ‘The unrenovated properties’ were the hardest hit. This is where we saw the best value in 2022 with interest rates and build costs spooking buyers. Normally the hottest part of the market it will likely rocket back to its normal front position in 2023.
* Haesley Cush is an award-winning auctioneer who has called more than 10,000 auctions. He co-owns Ray White New Farm, Spring Hill, Toowong, Clayfield, East Brisbane, Bulimba and Living Here Cush Partners.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.realestate.com.au/news/the-one-to-watch-cush-weighs-in-on-brisbanes-property-winners-and-losers/
- $3
- 000
- 10
- 2022
- 9
- a
- across
- Action
- active
- After
- against
- ahead
- always
- and
- apartments
- article
- attention
- Auction
- Auctions
- Aussies
- Australia
- award-winning
- back
- benefits
- BEST
- Beyond
- brand
- Brand New
- Brisbane
- build
- Building
- buyers
- called
- car
- Cash
- caused
- celebrate
- chain
- challenges
- change
- COM
- come
- coming
- compared
- completion
- construction
- Corp
- Costs
- could
- Covid
- crowd
- data
- day
- Dust
- East
- Entertainment
- Ether (ETH)
- EVER
- external
- Face
- farm
- few
- Forward
- front
- going
- Group
- here
- Hit
- Homes
- hottest
- HOURS
- House
- How
- HTTPS
- impacted
- improved
- in
- Including
- industry
- interest
- INTEREST RATE
- Interest Rates
- International
- Investors
- issues
- IT
- July
- lead
- Ledger
- likely
- Line
- living
- lockdowns
- Long
- looking
- Losers
- Low
- major
- Market
- Markets
- max-width
- migration
- mirror
- more
- most
- NCA
- New
- new year
- news
- normal
- normally
- November
- obvious
- Odds
- olympics
- ONE
- online
- opening
- Opportunity
- Other
- Outlook
- part
- partners
- parts
- picture
- plato
- Plato Data Intelligence
- PlatoData
- plus
- Popular
- position
- positive
- Prestige
- Prices
- progressive
- projects
- property
- queens
- Rate
- Rates
- RAY
- realestate
- regularly
- resilient
- Results
- Rises
- rocket
- sale
- sections
- Settled
- shine
- Short
- significant
- sold
- SPA
- spring
- Star
- strong
- supply
- supply chain
- The
- this year
- to
- too
- under
- unit
- units
- upcoming
- Uplift
- value
- vision
- Vulnerable
- W3
- Watch
- weighs
- which
- white
- WHO
- will
- winners
- within
- worth
- year
- zephyrnet