Sky News Business Reporter Ed Boyd says buyer demand in the real estate market is being squeezed by inflation and the hike in spot interest rates.
“That’s starting to reduce buyer demand — they just can’t borrow as much money as before,” he said.
“We are also in the middle of winter, and winter is a typically slower point for the real estate market.”
He said auction clearance rates have fallen due to a number of factors, with the national clearance rate standing at 49 percent.
“Clearance rates below 50 percent, we haven’t seen this in a few years.”