00:02Achieving the Australian dream.
00:06This Adelaide couple's celebrating buying a home.
00:09It doesn't have to be this hard.
00:11As interest rates climb another quarter of a percent.
00:14With the latest rise, we kind of re-evaluated our value numbers and everything.
00:19A couple of days ago we thought, OK, this is how much is going by.
00:22It's a consideration weighing on many house hunters' minds.
00:25It's going to reduce my borrowing capacity, so yeah.
00:31We don't see the prices are coming down any time soon, so it is hard to find anything in the
00:35market right now.
00:36The Reserve Bank has already lifted rates three times this year and some say further pain is on the way.
00:43As those rate hikes kick in and housing demand softens, experts say the national market is entering a downturn.
00:50We start to see that demand start to weaken as affordability constraints were already in place.
00:56And then more recently we've started to see the impact of rising interest rates once again.
01:00While growth is slowing across the mid-sized capitals, Sydney and Melbourne are already experiencing decline.
01:07They were both down about point six percent in the month of April.
01:10And for both of those cities we've seen five months of declines now.
01:14Those on the ground say buyers are becoming more hesitant.
01:18Obviously with cost of living pressures and rates going up, everything else going up as well,
01:23might just cause them to pull back just a little bit.
01:26There's still a lot of people on the market, they're just very hesitant buyers right now.
01:29And rightfully so, you have to be more fussy now when you're paying a lot more money.
01:34The credit squeeze impacting buyers and sellers alike.
01:37I think it's great for the time I know that you've already spent money on the market.
01:38If I can't affordability, like I can't affordability, like I can affordability.
01:39If you go through that's woe all!
01:41I think I want to buyability to make sure it's small,
01:42and I'm looking forwardability.
01:42You
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