Eliza Owen

That's also shown that since the increase in interest rates, movements in capital city home values have deteriorated and Brisbane has now ticked into negative territory as well.

So when the month end results come out, we would expect to see that that is going to be the third capital city well into the downswing.

Yeah, so the upswings that we've seen in property prices across Brisbane and in particular Adelaide have been some of the highest we've seen on record.

Adelaide in particular would usually be what we call a slow and steady performer over time.

It's not been terribly volatile.

But this emergency interest rate setting that we saw introduced amid COVID has created an enormous surge in value, particularly with things like remote work trends, people seeking out more affordable and spacious property.

That really created quite the surge in the Adelaide property market.

So again, now we're starting to see signs that those markets are cooling off a little bit.

In the case of Brisbane, as I mentioned, it's coming into price declines.

In the case of Adelaide, it's still in growth phase, but the rate of growth is slowing right down.

So we would probably expect those markets to follow Sydney and Melbourne into a bit of a downswing.

The difference, I think, is that they're not going to see as much of a downswing as what we might see in Sydney and Melbourne.

Interestingly, these aren't traditional auction markets either.

For Adelaide in particular, this period has seen a relatively high volume of auctions.

I think that vendors might start pivoting more towards private treaty as we come into a softer housing market environment.

Yeah, so I think those non-traditional auction markets probably saw a bit of a boom in auction activity over this really unique upswing.

You know, agents regard the auction method as a way to drum up a lot of excitement about a property when the market is hot.

When the market is cooling down, it's a different story.

You don't want that public environment with a lot of people sharing the sentiment that this property isn't worth as much or, you know, there's no sort of urgency around purchasing property.

And even in the