00:00Selling season is heating up in the nation's second most expensive city.
00:11This real estate agent in Brisbane just sold a two bedroom unit $60,000 above the reserve.
00:17She's now gearing up to auction another in the same complex.
00:21This is our second open home and so far we've had 16 groups through and I've got lots of
00:26interest to parties.
00:27All properties are also being put up for sale.
00:30We're seeing a bit of movement from sellers who have been investors or long time holders,
00:35you know, taking advantage of really great prices at the moment.
00:38Prices continued to pick up nationally, up 0.3% in October and 6% for the year.
00:45It marked the 21st straight month of gains, but the market is cooling with price rises
00:51easing in Perth, Adelaide and Brisbane.
00:54Prices in Sydney fell for the first time since January 2023 and prices also went backwards
01:00in Melbourne, Canberra and Darwin.
01:03This combination of high interest rates, existing poor affordability and of course increasing
01:09numbers of people seeing mortgage stress, that's what's weighing on the property markets.
01:14With property prices remaining high, there's little relief on the way for first home buyers.
01:19Even though inflation is still falling, economists say it isn't enough to convince the Reserve
01:24Bank to cut interest rates at its meeting next week.
01:27We could see after a few rate cuts however, more buyers be confident about entering the
01:32market and housing values rising with more momentum.
01:36A slowdown that's likely to be short lived.
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