Steph Chalmers

So I think this is one to watch where we see the industry

hopefully working together to share data on this sort of thing.

Yeah, it was interesting in reporting these numbers, Cotality was referring to perhaps there's like a bit of a better match between buyer and seller price expectations.

And that's keeping that around that 60% clearance rate level you referred to.

So perhaps buyers are starting to see things become slightly more affordable or

able to jump in on and sellers are perhaps coming to terms with the reality that things aren't as hot as they were last year.

And that was reflected as well in the dwelling value prices we got on Friday from Cotality.

So national home prices rose around 0.3% in April, but they fell in Sydney and Melbourne.

So that's that trend we've been seeing where the major markets have taken a turn and property values are

going slightly down.

Obviously, it's kind of cold comfort for people.

These are obviously still extremely expensive property markets, but it is that kind of sign that the interest rate rises we've already seen this year having an impact.

Perhaps people who are looking to take out a loan are seeing that they're able to borrow less and all those things contribute to taking a bit of heat out of the property market.

Yeah, exactly.

And if you think about the context of that 10% property price rise last year, we had three rate cuts last year.

We've already had two rate rises this year.

So it's almost the inverse situation.

So there was repeated references to the fact that those rate cuts were helping propel

the property market through last year that people kind of felt confident to make a purchase because they thought that interest rates were heading lower.

And that changed quite abruptly, you have to say, at the end of last year when inflation started heading back up again and we kind of got predictions turning to rate rises and that's obviously...