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REA Group Senior Economist Paul Ryan says sellers in the housing market have gotten “more realistic” over the past few months.
He said he has seen that with auction clearance rates rising over the past two months.
“I think what that means is a lot of sellers have been slow to adapt to the really fast increase in borrowing cost,” he told Sky News Business Editor Ross Greenwood.
“So borrowers are coming to market now with about 25 per cent less than they can borrow than at the start of the year.
“And it took a while for sellers to readjust their expectations from prices of neighbouring properties that may have sold earlier in the year to where borrowers are actually at in what they can afford.”
In partnership with realestate.com.au
