00:05After a strong start, the bidding fell off.
00:11This auction for a newly renovated home in Brisbane's south-east attracted plenty of interest,
00:16but not the price tag the seller wanted.
00:19It's pretty typical of what I'm seeing at the moment.
00:21You know, the interest rates have had an impact out there.
00:22There's no two ways about it.
00:24Experts say cost of living, economic uncertainty and less demand from investors mean property sales have slowed down.
00:32Owners are quite aware of that, so their expectations have reduced a lot.
00:37With the change to the tax rules that the government brought in earlier in the year,
00:41the investors have really disappeared from the market.
00:44And buyers are taking a more considered approach than before.
00:48It was 100% FOMO for five or six years there, no two ways about it.
00:51But buyers just kept bidding for the fear of missing out on it because they'd be paying more in a
00:55month's time.
00:56Economists say the Reserve Bank's decision to lift interest rates to their highest level in 15 years
01:02has reduced a person's borrowing capacity.
01:04But unlike before, the government isn't throwing more money at first home buyers.
01:10Economists say despite the slowdown in sales, that doesn't mean there'll be a dramatic drop in house prices.
01:16I don't think there's any real reason at this stage to think that across the board falls in prices of
01:24say 20 or 25% are likely.
01:27With conditions favourable for buyers who are ready for that long term commitment.
01:32You should be right now really actively looking at everything and then going,
01:37OK, this sold for this, what do we think about that?
01:40You know, getting your own sort of market knowledge.
01:42Take advantage of the situation that you've got more time on your hands.
01:46Have a good look around.
01:47Put on it.
01:48Let's jump in.
01:49Let's move on.
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