Interest rates are continuing their upward trajectory but there are some signs that the pace of inflation may be on the decline. Fuel prices are starting to come back, supply chains are unblocking and China’s growth is slowing. It’s unlikely to mean that interest rate increases will stop immediately but they’re early signs that rates may peak earlier than expected and don’t increase to levels predicted even a few weeks ago. This change to the inflation outlook is coinciding with some signs that the property market is close to the bottom of the cycle. Clearance rates are now starting to stabilise and the number of properties coming to market is starting to climb as we head deeper into the spring selling season. Importantly, the number of average active bidders at auction appears to be back on the increase. It’s still a buyers market but, like inflation, property market conditions seem to be improving from where we were in midwinter.
This month we take a look at the luxury property market, ranging from an investigation to exactly what is considered ‘luxury property’, to the state of the luxury retail market. Demand for the best properties in the most expensive suburbs skyrocketed through the pandemic. More properties came to market in places like Mosman, Toorak, Bowral and Cottesloe, and overall, the top one per cent of the market outperformed the rest. While Australians wanted more luxury property, luxury goods were also keenly sought after. While shopping centres saw mixed performance over the past two years, anywhere stocking expensive brands like Gucci, Louis Vuitton and Chanel performed well. We take a look at what drove this.
We hope you enjoy this month’s Ray White Now and we’re proud to be providing you with relevant, timely and interesting content and data in 2022.
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Australian house and unit prices continue their upward trend this month, albeit at a slower pace. Both housing types saw a modest 0.2 per cent appreciation. However, the market is exhibiting greater diversity across states and regions, reflecting varying local economic conditions. July’s CPI results indicate a continued downward trend, … Read more