Property market transforming with cold feet, cooling prices and withdrawals
The Australian property market is cooling as high interest rates and economic uncertainty lead to lower asking prices and longer sale times. Data indicates a significant shift in buyer demand and a trend toward price discounting.
Why it matters
The cooling housing market reflects broader economic pressures and impacts the financial stability of homeowners and prospective buyers.
Four key pieces of data show how the property market is cooling. ( Getty: Brent Lewin/Bloomberg )
Link copied Share Share article Initial asking prices are falling and homes are sitting for longer as the housing market cools across Australia.
During a period of global economic instability, domestic tax reform and sustained higher interest rates, buyers and sellers in the Australian property market have been adjusting their approach to transactions.
"These cumulative effects over the last six or so months have dragged demand lower significantly," said Cotality's head of research, Gerard Burg.
To get a sense of how this uncertainty is playing out in the market, here is what four sets of data tell us.
After decades of rapid growth, Australia's housing market is beginning to cool.
One piece of evidence that shows this is asking prices.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in