House prices predicted to drop across Australian capitals next year
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Mortgage holders could be in for a bumpy ride in the next 18 months with prices predicted to drop by more than $200,000 in Sydney alone by the end of next year.
According to RateCity analysis of ANZ’s new property price forecasts, the national media house price could fall by $150,518 by the end of 2023.
Sydney prices could take the biggest hit, with predictions of a $204,543 drop, bringing the median price for a home down to $1,141,650. In Melbourne, prices are predicted to fall by $128,141, while in Brisbane, the expectation is a $164,667 fall, bringing the median price down to $719,669.
Adelaide is predicted to experience the deepest percentage cut next year, down -17 percent to $539,452.
But before homeowners start liquidating assets, ANZ is predicting calmer seas for 2024, with price rises across all capitals.
For those already in the market, the biggest impact could be on those looking to refinance. RateCity points out that those without at least 20 percent equity in their homes will be unable to refinance, relegating them to ‘mortgage prison’. Those who took advantage of the Federal Government’s low deposit scheme are considered to be the most at risk.
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Prepare yourself for the year of the peach
2 min
Pantone has released its 2024 Colour of the Year — and it’s warm and fuzzy.
Peach Fuzz has been named as the colour to sum up the year ahead, chosen to imbue a sense of “kindness and tenderness, communicating a message of caring and sharing, community and collaboration” said vice president of the Pantone Color Institute, Laurie Pressman.
“A warm and cosy shade highlighting our desire for togetherness with others or for enjoying a moment of stillness and the feeling of sanctuary this creates, PANTONE 13-1023 Peach Fuzz presents a fresh approach to a new softness,” she said.
The choice of a soft pastel will come as little surprise to those who follow the Pantone releases, which are often a reflection of world affairs and community mood. Typically, when economies are buoyant and international security is assured, colours tend to the bolder spectrum. Given the ongoing war in Ukraine, the Israeli-Gaza conflict and talk of recession in many countries, the choice of a softer, more reassuring colour is predictable.
“At a time of turmoil in many aspects of our lives, our need for nurturing, empathy and compassion grows ever stronger as does our imaginings of a more peaceful future,” she said. “We are reminded that a vital part of living a full life is having the good health, stamina, and strength to enjoy it.”
The colour also reflects a desire to turn inward and exercise self care in an increasingly frenetic world.
“As we navigate the present and build toward a new world, we are reevaluating what is important,” she said. “Reframing how we want to live, we are expressing ourselves with greater intentionality and consideration.
“Recalibrating our priorities to align with our internal values, we are focusing on health and wellbeing, both mental and physical, and cherishing what’s special — the warmth and comfort of spending time with friends and family, or simply taking a moment of time to ourselves.”
Each year since 2000, Pantone has released a colour of the year as a trendsetting tool for marketers and branding agents. It is widely taken up in the fashion and interior design industries, influencing collections across the spectrum.
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
