Property sellers cut their price hopes to meet budget-conscious buyers

 Auction clearance rates have improved to levels last seen before interest rates began to rise, new data shows, as sellers reduce their expectations to get deals done in the market downturn.

Buyers are also returning to the market with a clearer idea of their budgets, as the initial shock of seven interest rate rises subsides, agents say.

A jump in the cash rate to 2.85 per cent has cut the amount of money buyers can borrow, sending the once-booming housing market into reverse.

Although prices are still falling, the auction clearance rate has picked up for three months in a row and lifted above the 60 per cent mark.

Read More: https://www.smh.com.au/property/news/property-sellers-cut-their-price-hopes-to-meet-budget-conscious-buyers-20221104-p5bvqc.html



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