Fewer people take out home loans and auction clearance rates dip.
“With talk about rates rising, and the Reserve Bank raising interest rates, that’s going to affect what people are willing to pay for a home.”Banks have been lifting fixed mortgage rates for months, even though the Reserve Bank has not yet raised the cash rate. Dr Oliver said Sydney prices could already be at their peak, or they might bounce back this month, but either way, the two largest cities are at least approaching peak prices.A closely watched indicator of home buyer sentiment has worsened, Westpac senior economist Matthew Hassan said.The Westpac-Melbourne Institute Index of Consumer Sentiment asks whether it’s a good time to buy a dwelling, offering an insight into owner-occupiers’ thoughts on affordability.
“There’s now clearer signs the owner-occupier upswing is starting to peak,” Mr Hassan said. “There are some tentative signs we’re topping out.” But there are signs that sellers are more willing to accept prior offers, a suggestion they do not expect strong competition on auction day, and a few are reducing their reserve prices to secure a sale under the hammer.
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