A wave of property sellers has been hit by a buyers’ strike
The property market is experiencing a significant slowdown as sellers face a buyers' strike. Auction clearance rates in Sydney and Melbourne have dropped, with nearly half of properties going unsold. Experts predict that property prices could decline by up to 10% this year due to unfavorable budget changes and rising interest rates.
- ▪Auction clearance rates in Sydney and Melbourne remain low, indicating a potential decline in house prices.
- ▪Almost half of the properties auctioned last week were unsold, highlighting the impact of the buyers' strike.
- ▪Morgan Stanley predicts the largest correction in property prices in 40 years, estimating a fall of up to 10%.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.