2022 – Market Insight
Property prices started off strongly in the early part of 2022, then the war in the Ukraine started and the goods supply from Shang Hai (China) halted to middle of this year.
This has had a downward effect on property prices, or a more stabilisation of prices as opposed to drop overall. Coupled with rising interest rates, change of government, and international market trends, have stemmed enthusiasm in the market.
It could be expected that the reminder of 2022 will see an prices in the property market remain more stable. This would also coincide with the 7-9 year property cycle that should re start around this year. This means stable pricing for up to 3 years, slight to moderate increases for the following 3 years, then moderate increases thereafter to the end of the next cycle.
In summary, growth of property prices probably has peaked this year, buyer demand will increase of the remainder of the year.