This is a question we’ve been asked a lot lately. That’s not surprising as media reports tend to focus on downswings in property values.

But it’s important to note that these reports are traditionally based on national or citywide averages.

If we drill down into suburb-by-suburb results, it’s clear that many locations experienced strong price growth in 2022 – even amid rising interest rates.

Sydney’s popular inner West is a great example of this. Data from REA Group shows that house prices in Glebe leapt ahead by 11.3% in 2022, while Summer Hill values soared 16.5%.

In Melbourne, apartment prices in sought-after Coburg rose 3.8% in 2022. And in North Adelaide, houses jumped in price by 10.6%.

These are just some of the suburbs where local markets thumbed their nose at talk of declining prices.

This highlights the value of speaking to your local Raine & Horne team to know how the market is performing in your patch. No one understands your local market better than your experienced Raine & Horne team who are talking to buyers daily.

However, there are two other issues to consider.

The first is that when most people sell, they buy another property – usually one a step or two further up the property ladder.

If values have cooled in the area you plan to buy in, now could be an ideal time to sell. It can allow you to take advantage of potential price discounts in your preferred buying location.

The other aspect to bear in mind is that in September 2022, the Albanese Government announced that the 2022-23 permanent Migration Program will increase to 195,000 places.

All these people need a home to live in.