Property market hits the brakes

The property market is continuing to slow with the number of homes on the market increasing and remaining unsold for longer. The latest data from Australian Property Monitors reports an increase in the number of houses for sale nationally of 16.6 per cent compared with the same time last year, while the number of apartments for sale is up 4.35 per cent. Westpac senior economist Matthew Hassen said that four official increases in interest rates by the Reserve Bank had reduced the number of buyers in the market meaning that properties were taking longer to sell. "It's more of a buyers market for those that are still around and, in turn, there won't be scope for price growth this year, so prices might take a drop," he said.

Source: The Australian Financial Review