Rich Harvey

So we're seeing that people are holding back from going too hard on the property market.

And we're also seeing that lenders, the banks, are really also reassessing people's loans

Most people will get a loan and sorry, a pre-approval and it will last for 90 days.

But when they're going back, they're discovering that they're actually got less borrowing capacity than they previously had.

The fifth thing is the global share market.

You know, we've seen a lot of shares really take a tumble and that's really created a bit of economic uncertainty for people.

I think sixth thing is affordability.

Property prices are still high relative to people's income.

So that really puts a brake on how far property prices can go up.

And we've really seen lastly, this post-COVID boom correction, you know, in terms of vendor expectations.

We're just having to readjust our expectations on where the market's going.

Great question, Amy.

Look, on the flip side, I've actually come up with 15 factors that are helping to underpin or support property prices.

And I've mentioned these on some previous podcasts, but firstly is international migration.

It really needs to ramp up and is ramping up.

We should be getting over 160,000 migrants back into the country, which will then improve demand for property prices.

Secondly, we've got declining building approvals.

That means lower supply, which is going to mean greater competition amongst the scarce number of properties available.

Thirdly, listing volumes are 28% below their five-year average.

So that's a significant shortfall in properties out there.