Housing price forecast for 2023

We know that Australian house prices rose 2.3% during the 12 months to September 2022.

I estimated that house prices could rise by 4% for the year ending September 2022.

My model was a little bit out.

Splitting hairs if you ask me, especially against the wild forecasts that are currently being thrown about.

Well, based on the 18.5% annual fall in housing finance for the year ending September and for calendar 2022, we are forecasting a 1.0% fall in median house prices across Australia.

Looking further ahead we expect an 8.0% fall in median house values across the country for the year ending March 2023.

In simple terms, if you bought a house in March this year, it could be worth about 8% less in March next year.

So, in March this year, the median Australian house was $1.074 million.

By the end of March next year, we think the median selling price would be about $988,000.

This would be a fall of about $86,000.

About Michael Matusik Michael is director of independent property advisory Matusik Property Insights. He is independent, perceptive and to the point; has helped over 550 new residential developments come to fruition and writes his insightful Matusik Missive