Real estate experts are observing a growing trend among potential homebuyers who seem to be adopting a “waiting game” strategy, causing some property sellers to feel stuck in limbo.
According to data from property analytics firm Cotality, the auction clearance rate across major capital cities is currently below 60 percent. There was a slight increase last week, rising from 55 percent during the Easter long weekend to 57 percent.
Other capitals look rosier
Despite this, analyst Burg notes a more positive outlook for the national market, highlighting Perth and Brisbane as areas of strength.
In Perth, homes are selling remarkably fast, with a median time of just nine days on the market, while properties in Brisbane typically sell within 17 days.
Among the smaller capital cities, Adelaide stands out with an impressive performance. The South Australian capital posted a 70 percent auction clearance rate last week.
Looking to the future, expert Sutton emphasizes that the Reserve Bank’s upcoming decisions regarding interest rates will significantly influence the purchasing power of buyers.
Static property prices and higher rates would create a perfect storm of barriers for anyone looking to purchase a home, he says.
”It will be just that much harder to buy.”
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