Article in the Australian yesterday was headed "house prices slump as buyers desert the market." Certainly sales have been depressed since the November rate rise and all the associated media hype. In our area, total sales by value, including all agents practicing in the area, over the Christmas period have been the lowest since we started tracking them.
However in the last five weeks Ray White Beecroft has been selling better than one property a week. There are buyers out there, but they are definitely more cautious and vendors need to be realistic. The article in the Australian should be required reading for vendors!
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