Markets15 December 20235 min read
December 2023: CY2023 prints +8.1% nationally
Calendar 2023: combined capitals +8.1%, Perth +15.2%, Brisbane +13.1%, Sydney +11.1%, Melbourne +3.5%, Hobart –0.8%.
The dispersion story
8.1% national average hides everything. The story was capital-city dispersion: 16 percentage points between best (Perth) and worst (Hobart). Portfolio outcomes were dominated by city selection, not asset selection.
Setup for 2024
With rates near peak, supply still constrained, immigration still strong, and Perth/Brisbane still leading, the 2024 base case was further capital growth in supply-constrained capitals with a slow rate-easing cycle expected from H2 2024.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.