Check out the following article on Domain which discusses property prices in 2023 - https://www.domain.com.au/news/caught-people-by-surprise-why-property-prices-rose-in-2023-2-1255451/.
Most people (including economics and analysts) predicted falls across the market of potentially up to 15-20%, however prices have generally seen an upward trend in most markets although interest rates rose consistently during the year.
The limited housing supply combined with savings accumulated during COVID lockdowns have contributed to this upward trend.
We have picked the following 5 middle-class suburbs (1 for each Australian city) and shown the price trend in the last 12 months in the capital growth chart below.
* Merrylands (Sydney) +6.48% annual growth
* Williams Landing (Melbourne) +1.25% annual growth
* North Lakes (Brisbane) +2.74% annual growth
* Elizabeth Vale (Adelaide) +12.22% annual growth
* Redcliffe (Perth) +8.48% annual growth
