Markets15 June 20235 min read
June 2023: EOFY 2023 closes with the recovery in motion
FY23 closed with national values down 2.0% — barely. Brisbane +0.5%, Perth +4.0%, Adelaide +0.0%. The drawdown story was already historical.
Outperformers
Perth and Brisbane decoupled from the rate cycle through 2023. Perth on iron-ore-driven population growth, Brisbane on interstate migration and Olympic infrastructure capital. Both were primary acquisition targets for FY24.
EOFY strategy
With recovery in motion and rates near peak, EOFY 2023 was about re-engaging with growth. Investors who had paused acquisitions through 2022 reopened mandates, with a heavy bias toward new-build product in supply-constrained capitals.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.