What’s next for Australian property in 2023?
ANZPJ’s Australian Property Outlook 2023 report features interviews with industry leaders about Australia’s property markets in 2023, including the Office, Retail, Industrial, Residential, Healthcare, Hotels, and Build-to-Rent and Build-to-Sell Apartment markets. It’s free to download, so get your copy today.
Let us know what you think – email Benn Dorrington at [email protected].
You can also read our outlook articles online below.
Knight Frank Australia Chief Economist Ben Burston told ANZPJ that retailers and logistics businesses were tipped to optimise their supply chains throughout Australia in 2023 after the rapid uptake of industrial space in recent years.
“Some big players have already scaled up, so you can’t expect the same high levels of demand and take-up in the market year-on-year,” Burston said. Read the full interview here.
WBP Group Chairman Greville Pabst told ANZPJ that Australia’s housing market was going to see more stock coming onto the market and more forced selling in 2023, as interest rates rise further and financial pressures mount.
“People are starting to feel financial pressure and I think we will see more distressed selling next year,” Pabst said. Read the full interview here.
Michael Simpson, Managing Director, Capital Markets – Hotels at CBRE, told ANZPJ that China’s reopening was set to boost Australia’s hotel market in 2023, with the lodging industry continuing to benefit from a pent-up demand for travel.
“We’re seeing some positive news coming out of China about reopening,” Simpson said. Read the full interview here.
Greg Preston, Chairman and Managing Director at Preston Rowe Paterson, told ANPJ that Australia’s office market will see a new normalisation of the work from home (WFH) trend next year, as employers strive for the right balance between in-person collaboration and workplace flexibility.
“There’s going to be a new normalisation of WFH with a balanced view to getting people back into the office more and not just working from home all the time,” Preston said. Read the full interview here.
Laila Burnet, the National Director of Health, Aged Care and Seniors Living at M3 Property, told ANZPJ that Australia’s healthcare property market will likely see further greenfield projects in 2023, as investors look to grow their portfolios through developments.
“I think there’s going to be a lot more greenfield development in healthcare moving forward,” Burnet said. Read the full interview here.
Nik Potter, Associate Director – Research at Colliers, told ANZPJ that investors are putting quality retail assets at the top of their shopping list for 2023, but many were waiting to see how interest rates, inflation and other economic forces shook out first next year.
“There is going to be a lot more market activity occurring next year, provided that everything looks like it’s reaching the peak and we can see a way out of this,” Potter said. Read the full interview here.
Charter Keck Cramer Director Richard Temlett told ANZPJ that Australia’s housing crisis was likely to deepen in coming years as new home building slows, presenting opportunities for apartment developers to kickstart build-to-rent and build-to-sell projects now.
“The mismatch between supply and demand is going to grow,” Temlett said. Read the full interview here.