Well that certainly wasn’t the year any of us expected. To say it was another tough one is an understatement. Our business delivered results above expectations and the residential property market was incredibly strong, but I don’t think anyone would say it’s been easy. So, what about the year ahead?
To be brutally honest, given the last two weeks, and indeed the last two years, when asked for my predictions for 2022 the only thing I can say with any certainty is… I have no idea.
I’m always cautious when making predictions but I think most would agree that one of the biggest things we have had to wrestle with over the last two years is the reality that the only thing we can predict is the that the world is unpredictable.
Ain’t that an understatement!
It seems increasingly realistic to expect we will continue to have to manage a world with COVID. That delivers the possibility of ongoing supply chain issues, impacts on the travel and tourism industries, and continued reduced immigration. There appears to be an increasing possibility we might see interest rates start to rise in the year ahead while many hope wages will start to rise.
It is certain that we’ll face the barrage of promises, pledges and predictions of funding and policy changes that come with a federal election campaign.
That’s quite a mixed bag. And that isn’t even taking into account the one element that’s as elusive as a sleep-in on Christmas morning – market sentiment.
I suppose the one thing I feel confident to say is that the residential property market has proved to be resilient through the toughest of times. I expect it to remain so. There is no guarantee that values will continue to deliver double-digit growth. There never is.
I do think the market will probably grow more cautious over the coming year. That’s almost a natural response after such a sustained period of extraordinary growth. There is a view that it can’t go on forever. But that doesn’t mean buyers will disappear. I do believe demand and values will hold.
So, my prediction for 2022 is that our team will have to continue to work incredibly hard to deliver their clients the best possible property results. And that’s one prediction I know will come true!
Best wishes for the festive season. Thanks for coming along for the ride this year.