2022 was a year where we moved to the “new normal” We saw eight interest rate rises in 2022, bringing the cash rate up from a historic low of 0.10% to 3.10% by the end of the year In Perth, people returned to the office taking office occupancy levels to 80% of pre-Covid levels
2022 has been another exciting year in real estate, global economics, and politics.
February saw the invasion of Ukraine by Russia, a war that has now been waged for some ten months and is likely to continue through to the new year.
We voted for our first Italian-Australian Prime Minister this year, as Anthony Albanese became the 31st Prime Minister of Australia.
We bade farewell to the Queen, and saw Number 10’s revolving door unceremoniously spit out Liz Truss, Britain’s shortest-serving prime minister since George Canning passed in office; former US President Donald Trump has also announced he will be running for the White House in 2024.
In 2022 society moved towards a new normal around the globe. We have shifted to the near post-Covid world where many are learning to “live with Covid”, likely moving towards what may be called the endemic stage of Covid. Most of the population got vaccinated, and we started travelling again.
In Perth, office occupancy hit 80% of pre-pandemic levels.
The Reserve Bank of Australia (RBA) announced increases to the interest rates eight times this year, bringing the cash rate from a historical low of 0.10% in April to 3.10% in December 2022.
What’s next for property in 2023?
The Property Tribune reached out to several leading experts in their field and asked them to share their predictions for the new year, including Brett Richardson, Hayden Groves, Prash Nayar, Cath Hart, and Joseph Rapanro.
It comes as