00:07While this property was snapped up, selling homes in the nation's biggest city is getting
00:12harder.
00:13What you're looking at is no affordable housing at all now.
00:17I think it's going downwards.
00:19Buyers are stretched.
00:20We're seeing a little bit of a change.
00:23We're seeing a few buyers having to get their refinance done in place.
00:26There's only a limited pool of buyers, I guess, who can really look to make a purchase at
00:31that kind of level.
00:31Despite prices falling in Sydney, they rose nationally by 0.7% last month and 9.9% over
00:39the year.
00:40The median home value is now more than $933,000.
00:45Perth led the monthly gains, followed by Brisbane, Darwin, Adelaide, the regions, Hobart and
00:52Canberra.
00:53Sydney and Melbourne went backwards.
00:55Definitely out, seeing your best.
00:58But the housing market is cooling.
01:00Auction clearance rates are falling.
01:02Some of those less auction prevalent markets like Perth and Adelaide are also seeing a
01:06pullback in auction clearance rates.
01:08Already this year, the Reserve Bank has increased interest rates twice, taking the cash rate to
01:144.1%.
01:16Now, economists are forecasting there could be as many as three more hikes in the months ahead.
01:21Interest rate tightening has constrained maximum borrowing capacities and that means that potential
01:29buyers can't afford to bid up home prices as much.
01:32Prices that are already sky high.
01:35You'll need to be a little more than $533,000.
01:36You'll need to be a little more than $533,000 in your business.
01:37You'll need to be a little more than $000,000 here.
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