Buyers’ strike crashes property sales

Data from InfoTrack shows that the 3.0% of cumulative interest rate hikes from the Reserve Bank of Australia (RBA) has tanked property sales.

InfoTrack’s data shows that property sales have dived by 40% in Victoria and Queensland this year, with NSW sales also down 38%.

In fact, October was the “worst month” for buying activity since the RBA commenced its interest rate tightening cycle in May.

InfoTrack global head of property John Ahern said “our figures show buyers and sellers have become increasingly pessimistic in the past 12 months as Australians worry more about inflation and the broader economy”.

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