Latest Australian Property Markets News and Forecasts

Latest Australian Property Markets News and Forecasts

  19 Dec 2023

2023 was a year of change and uncertainty for the Australian property markets.

But despite stories of doom and gloom delivered by the media, and the general negative consumer sentiment our housing markets managed to defy the expectations of many of the commentators and rather than receding, property values grew for 11 consecutive months around Australia.

And rather than falling into a recession, our economy confounded the Reserve Bank by bounding along as jobs kept getting created and unemployment hovered around record lows.

A lot of this had to do with our booming population growth.

Australia’s population growth has rocketed back to the boom rates of the mid-1950s, increasing by 2.4 per cent in the 12 months to June according to the latest figures released by the Australian Bureau of Statistics.

A record half million-plus net influx of foreign students, workers and permanent settlers came to these shores, with net overseas migration adding 518,100 people, an increase of more than 150 per cent on the previous year and the highest nominal inflow ever recorded.

In today’s Property Insider chat, Dr Andrew Wilson discusses this plus the most recent economic and property data.

Our labour Markets are booming

Sure increased mortgage costs and the high cost of living are hurting many Australians’ budgets, but despite all the interest rate rises our economy is still strong with employment surging as 61,000 new jobs were created in November.

Watch this week’s Property Insider video as Dr. Andrew Wilson explains how despite strong employment numbers, the unemployment rate rose to 3.9% from an upwardly revised 3.8%.

There was also a jump in participation to a new record high of 67.2%, from 67.0%.

Part-time employment has been an increasing driver of employment gains in recent months, though gains were concentrated in full-time in November.

Cumulative Employment Growth

Falling oil prices are good for inflation

Watch this week’s Property Insider video as Dr Andrew Wilson explains how Australia’s inflation rate is very much tied to the international price of oil.

And it’s much, much more than just the cost of petrol at the bowser for you and me to fill up our petrol tanks.

The price of oil affects transportation costs and the end cost of most goods we buy.

The following chart shows how oil prices are dropping and that’s likely to be good for our inflation figures moving forward.

Usd Per Barrel

Australia’s population boom

Australia’s population growth has rocketed back to the boom rates of the mid-1950s, increasing by 2.4 per cent in the 12 months to June according to the latest figures released by the Australian Bureau of Statistics (ABS).

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