/ 18 July 2022

It’s still tricky finding a place to call home

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Forecasts that Australia is set to undergo the largest housing market correction in at least 40 years are hitting home with auction clearance rates slumping on the weekend and owners discounting properties as they languish on the market. Clearance rates in Sydney fell below 50% for the first time since before the pandemic. And sellers in Melbourne have cold feet with new listings down 17.6% compared to a year ago. As for buyers – they’re taking their time… “No one wants to be that person who overpaid and was down 10% in their first year,” said analyst Carlos Cacho. Home prices are expected to decrease by 15-20% by the end of next year, thanks to interest rate increases. 

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