Eight consecutive interest rate rises cause property sales to plummet

Rising interest rates have caused a dramatic downturn in property sales over the past 12 months as many Australians hold out for the cash rate to stabilise.

The Reserve Bank of Australia has hiked the nation’s cash rate eight times in the past year from a historic low of 0.1 per cent to the current 10-year high of 3.10 per cent.
Governor Philip Lowe warned during the latest hike that more interest rate rises will occur in the new year.

Data from InfoTrack shows interest rate rises have become a headwind for property sales, slowing a previously hot market to lukewarm.

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