Australian house prices may be falling at their fastest pace in more than a decade, but the CEO of real estate website Domain says the property market is simply going from red hot to normal.
House prices have fallen for three months in a row as home buyers see their borrowing capacity reduced and contemplate whether they can afford rising mortgage repayments in a high inflation and low wages environment.
"We are moving back towards average market conditions where there is a good balance between demand and supply," he said. "Buyers were driving prices higher, chasing acquisitions in an environment where there was a lack of stock. We are starting to see that balance out."
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