It’s always fraught to try to predict the property market, but 2022 had a surprise in store for even seasoned forecasters.
, but as 2022 dawned, there was little sign it would bring the fastest price falls for decades.
“We didn’t expect the housing downturn trajectory would be as rapid as what we’ve seen since May, nor did we expect that the rate hiking cycle would be as significant and rapid as what it has been,” he said. Many homeowners watching the steep falls reconsidered selling their properties this spring, leading to a spring selling season he dubbed “an absolute fizzer”.
Domain chief of research and economics Dr Nicola Powell began 2022 by forecasting the property market would tip further in favour of buyers, although affordability would be an issue. Another unusual factor was that markets across the capital cities rose during the boom, but now a multi-speed market has re-emerged where prices in Sydney and Melbourne are falling faster than in Adelaide or Perth.
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