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Australia

Property analysts anticipate ‘price decline’ in 2023

REA Group Senior Economist Paul Ryan says the IMF report shows that misalignment measures are higher than in the past, which is why analysts expect “prices to fall” in 2023.

“On the other side of the coin, you have really high housing demands. You can see that in the rental market,” Mr Ryan told Sky News Australia.

“And that is the backstop that we are expecting to bring balance back to the market.

“Now unfortunately that balance is going to lead to higher housing costs for both mortgage holders as well as renters in 2023.”

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