We have come off the sharpest rise in house prices ever recorded to now being greeted with the sharpest increase in interest rates since the 1980s. Despite this, house prices are not falling by as much or as quickly as you would expect. At this point, it is looking like we may not even get to a 10 per cent fall in Australian house prices and certainly nowhere near the 30 per cent decline that some are predicting. Given the circumstances, why are prices remaining so sticky?
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Open home attendance data reveals how quickly buyers respond to policy changes. The week following the RBA’s rate decision saw attendance decline nationally, though the depth of softening varies significantly by market. Understanding how buyers respond to interest rate changes requires more than watching price movements alone. While price data … Read more