Housing market on ‘knife-edge’ despite rate pause

is unlikely to bolster housing market sentiment, which has already been shaken by the central bank’s decision to increase rates twice since a pause in April, experts say.

AMP Capital chief economist Shane Oliver said any bump in housing market activity was likely to be short-lived.“The pause may set off the debate of whether interest rates have peaked, which might provide a degree of support and invigorate demand, but I think any lift will only be temporary,” Dr Oliver said.

Clearance rates also pulled back significantly across Sydney over the past weekend, dropping by 7.5 percentage points to 71.2 per cent. “I think if we see further rate rises in the coming months, then we could see sharper falls in clearance rates.”

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Housing market growth slowed in June amid RBA uncertaintyThe housing market grew last month but the pace was slower, which has been attributed to a lack of supply and the uncertainty around the Reserve Bank’s cash rate decisions.
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