The experts at Domain have released their end-of-year wrap, and the consensus is the 2022 property market has behaved exactly like a rollercoaster. The year kicked off with a “once-in-a-generation property boom” before the market hit a significant downturn.
Overall, combined capital city house prices have fallen 4.9 per cent from their March peak. The report also delves into a lot of cool market facts and figures, including an auction market analysis, the features buyers most want and where they’d most like to live.
According to the Domain End of Year Wrap, extraordinary price growth in 2021 switched to a stark contrast this year with house prices across the combined capital cities falling 4.9 per cent from the March 2022 peak. This equates to a fall of about $53,000.
However Domain Chief of Research and Economics Dr Nicola Powell said it was still important to note the price cycle remained 27 per cent up on the mid 2020 trough.
“The past two years have been fascinating to watch in real estate,” Dr Powell said.
“After soaring price growth in 2021, it was inevitable that we would see an adjustment phase of the property cycle in 2022.
“This is a reminder that homeowners or prospective buyers need to maintain an overall perspective.
“History tells us that in the last 30 years the duration and steepness of an upswing are longer and greater than a downturn, supporting the idea that it’s not timing the market, it’s the time spent in the market that counts.”
Overall there were 354,500 house sales in 2022, followed by 119,500 unit sales and 102,200 scheduled auctions.
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By Wendy Chamberlain
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