There is a lot to look forward to in 2024 and we would like to wish you good health, happiness and prosperity for the year ahead.
There were some welcome positives to be found in 2023.
The year ended on a good note for property investors in Perth, Adelaide and Brisbane where house prices rose more than 1% every month on average. Across the country, CoreLogic’s national Home Value Index rose 8.1% in 2023, up from the 4.9% drop in 2022. However, house prices in Melbourne, Sydney, Canberra, Hobart and Darwin either fell slightly or remained the same.
Superannuation funds also bounced back after losses in 2022. The median balanced option is expected to return 9.6% in 2023.
The economy grew by 2.1%, the eighth quarter in a row of economic growth, although the rate of growth has slowed a little. Unemployment rose slightly in November to 3.9%. In addition to strong employment growth over the past year, the number of unemployed people has also increased by around 81,000 people, and the unemployment rate has risen by 0.4 percentage points. Iron ore prices rose more than 21% during the year on the back of continued demand from China. Oil prices steadied by year’s end but the escalating conflict in the Middle East and the war in Ukraine are causing concerns. The Australian dollar remained under pressure all year and may struggle in 2024 as the US dollar strengthens and our high inflation numbers continue.
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