2022-12-19-莱坊-Australian_Residential_Market_Update_December_2022_2页_1mb

Australian Residential Market Update Summary (December 2022)

Core Content

The Australian residential market in December 2022 was marked by a series of policy changes and economic indicators that reflect the government's efforts to address inflation, housing affordability, and infrastructure development across different states.

Key Policy Developments

1. Cash Rate Target Increase

• The Reserve Bank of Australia (RBA) raised the official cash rate by 25 basis points (bps) to 3.10%, marking the eighth consecutive increase since April 2022.
• This move was aimed at curbing rising inflation.
• The RBA will continue to monitor the global economy, household spending, and wage growth when it meets again in February 2023.

2. Evolving Infrastructure Australia

• The Federal Government is reforming the Infrastructure Australia governance model to enable more proactive infrastructure planning.
• A new Cities and Suburbs Unit will be established independently rather than being part of Infrastructure Australia.
• This reform supports the creation of a nature repair market and the establishment of an independent Environment Protection Agency (EPA).

3. NSW Rezoning Pathways Program

• The New South Wales (NSW) Government launched a $73.5 million Rezoning Pathways Program to accelerate rezoning and release 70,000 new homes by 2024.
• The program is part of a larger $2.8 billion Housing Package.
• A pilot of 1,000 homes in the metropolitan area and 300 homes in regional areas will be tested.

4. New Rules for NSW Independent Planning Panels

• The NSW Government introduced new rules to reduce corruption risks and minimize lobbying influence on independent planning panels.
• Changes to Sydney District Panels and Regional Planning Panels took effect immediately.
• Local Planning Panels will see changes starting on 24 April 2023, allowing councils time to recruit additional members.

5. Re-elected Government for Victoria

• Premier Daniel Andrews and his Labor team were re-elected for a third term, focusing on health, housing affordability, energy prices, and economic resilience.
• A new Department of Transport and Planning was established, with a Minister for Housing overseeing the Big Housing Build and affordable housing initiatives.

6. Queensland Housing Summit Outcomes

• The Queensland Government released the Housing Summit Outcomes report, which outlines joint reforms between the government and private sector to address housing pressures.
• A Housing Roundtable will meet again in March 2023 to continue discussions.

7. Western Australia Policy Changes

• The WA Government introduced new Keystart home loan property price limits, raising the limit to $560,000 across the state.
• A new planning policy guides the location and selection of development sites for new schools.
• The Perth Landing Pad platform was launched to support startups in WA.
• A $35 billion infrastructure program was announced for the period 2022-23 to 2025-26.

Market Performance (as at 30 November 2022)

Contact Information

• Residential Research: Michelle Ciesielski
  Email: michelle.ciesielski@au.knightfrank.com
  Phone: +61290366659

• Media Enquiries: Vanessa De Groot
  Email: vanessa.degroot@au.knightfrank.com
  Phone: +61410460211

• Knight Frank Research Reports: Available at knightfrank.com/research

Disclaimer

• This report is for general information only and should not be relied upon for decision-making.
• Knight Frank Australia Pty Ltd disclaims all responsibility for any loss or damage arising from its use.
• Reproduction of this report is not permitted without prior written approval.