Rising interest rates are set to push property prices lower even in areas that have so far been immune from the downturn, according to a new report
Sydney’s property market in well into a downswing, and inner Melbourne is not far behind, a report looking at property cycles shows.Property listings.
Brisbane and Darwin have more recently shifted into a downswing, Adelaide and Hobart have likely reached the peak, while Perth is closing in on a market high, PRD’s Australian Economic and Property Report 2022, released on Thursday, found. “We really are seeing a very fragmented market … it’s really dependent on the supply and demand forces in each of those markets,” she said.
She added that while areas of Greater Melbourne had recorded price drops, some pockets were still growing. Starr Partners chief executive Douglas Driscoll said Sydney buyers and sellers were holding back amid speculation of further rate rises and continued price falls, and those pushing ahead were increasingly looking for a bargain.Credit:“They’ll come to us and try to play hardball on price … and cite various sources that we’re not at the bottom of the market yet, and that the home that they’re looking at will be less in three months’ time,” he said.
Ray White Victoria and Tasmania chief executive Stephen Dullens said Melbourne had seen a later shift, as residual demand after multiple lockdowns had propped up the market.
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