Is the auction market causing a false dawn for property prices?

There is a risk house prices could fall further, especially if more properties hit the market. The risk would be higher if more supply is offered now rather than later, Powell said.Buyers were looking to purchase before interest rates rise again and cut the amount they can borrow further, while listings remained low and offered little choice to home hunters.

Nationally, house values have already fallen 9 per cent on CoreLogic data, while Sydney fell 14 per cent and Melbourne 9.5 per cent., while Melbourne, Brisbane, Canberra, Hobart and Adelaide had further to fall. Perth and Darwin were only expected to come back about 5 per cent top to bottom. “People can’t borrow as much as they once could, and there is this risk if rates keep going up that we will end up with more distressed selling.”

In Victoria, there were 828 distressed listings in February, again low, but up 25.5 per cent from a year ago.

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