Potential buyers are hesitant to bid at auction, nervous about interest rate rises and high property prices.
That is down from a clearance rate of 71.7 per cent the previous June, and the lowest rate since April 2020, when only 36.1 per cent of properties sold during a ban on public auctions at the start of the pandemic. The market slowdown, driven by affordability constraints, the increased supply of homes for sale, and rising fixed mortgage rates, had been accelerated by the Reserve Bank’s consecutive hikes to the cash rate, Powell said.
“Generally, they will hit a floor. A lot of people that are selling will see the market is falling and accept a price they may not have otherwise to get the job done,” he said.
Why would you buy a depreciating asset that you can't claim depreciation on?
And still people won’t be able to afford to buy a house.
The RBS ‘s rate manipulation has given the extremely stupid a way to live beyond their means for too long