Market Wrap - 4 August 2022

Market Wrap - 4 August 2022
  • 1 Steward Street, Lilyfield sold yesterday after only 10 days on market. During the campaign, there were over 98 buyer enquiries and over 40 inspection attendees with 4 parties making offers.

 

  • Many Australians mistakenly believed the RBA would always be there to save the property market from the worst of events. Just as global events saw the RBA cut rates aggressively between 2008 and 2020, global events are now pushing them up. Read the full article here.

 

  • According to Domain, tenants face tough conditions for the next 12 months, as housing stress is expected to spread as the number of rentals to choose from plummets to another record low, new figures show. Read more.

 

  • Rapidly rising interest rates, reduced borrowing power and a fear of overpaying are shaking the confidence of home buyers and prompting more house hunters to delay purchases. Industry figures say they are seeing more buyers bow out of the market amid signs of further price falls while others are pulling out of auctions at the last minute because of changes to their financing. Read the full Domain article.