A wave of property sellers has been hit by a buyers’ strike

Australian property sellers face a buyers' strike as auction clearance rates plunge across Sydney and Melbourne. Nearly half of properties offered at auction last week went unsold, with SQM predicting Sydney prices will fall 9 percent this year. Federal budget changes eliminating negative gearing on established homes will reduce investor borrowing capacity by 10-20 percent, further cooling demand.

Summary by Glance · SMH