A property economist believes buyers who have been cautiously waiting on the sidelines are now again on the move. 9News
A property economist believes buyers who have been cautiously waiting on the sidelines are now again on the move, injecting new energy to an uncertain market.
"I think they've actually created the bottom of the market and we're moving upwards now," he said, theorising that "there's been a shrugging off of higher interest rates, particularly over the last six months"."Even though prices were falling, the rate of decline was easing," he said."I think it just shows that housing markets are remarkably resilient despite 10 consecutive rises in interest rates.
Auction clearance rates, typically an important measure of the market, in Sydney and Melbourne are both above 70 per cent, according to the latest figures. In April last year, just before the RBA announced the first of 10 successive hikes, the cash rate was sitting at just 0.1 per cent.
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