The Australian housing market is influenced by a wide range of factors such as economic conditions, population growth, interest rates, government policies, and global events. Historically, the housing market has experienced periods of both growth and decline, and it is difficult to predict how the market will behave in the future.
There are some indications that suggest that the Australian housing market may experience a slowdown or correction in the coming years. For example, the COVID-19 pandemic has had a significant impact on the economy, with rising unemployment rates and decreasing consumer confidence, which may affect the demand for housing. Additionally, there are some concerns about the levels of household debt and affordability, particularly in major cities.
On the other hand, the Australian government has introduced a range of policies and initiatives to support the housing market, such as the HomeBuilder program and the First Home Loan Deposit Scheme, which may help to boost demand and stabilise prices.
Overall, it is difficult to predict with certainty whether house prices will drop in 2023 Australia, as there are many variables that can impact the housing market. It is always advisable to conduct thorough research and seek professional advice before making any major financial decisions related to buying or selling property.