Fewer people were showing up at auctions and open homes in October, and first home buyer and investor demand faded. Buyers also become increasingly concerned about rising interest rates. This month’s result shows a net 10% of respondents seeing fewer people — down from 8% last month. There has been a slight weakening in the net proportion of agents seeing more first home buyers — from 27% last month to 15% this month. We now see the biggest impact of the recent lift in mortgage interest rates.

Source: Stuff November 07, 2022 04:14 UTC