Markets15 April 20235 min read
April 2023: the recovery prints
Sydney +1.3% for the month. The fastest turn from peak-to-trough-to-positive since 1989.
Why it was so fast
Three structural factors: listing volumes 20%+ below trend, immigration-driven rental demand pulling investor activity forward, and a clear RBA pause that crystallised the rate ceiling for the cycle. None of those reversed quickly.
What I told viewers
Sky News asked if April was a head-fake. My answer was no — this was the start of a 12–18 month recovery, with the strongest gains accruing to new-build product in growth corridors where rental yields had moved 100bps above prior cycle norms.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.