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

Property auctions across Sydney and Melbourne posted weak clearance rates last week as buyers struck over rising costs for investors. Federal budget changes eliminating negative gearing will increase borrowing costs by 90-155 basis points, reducing investor lending capacity by 10-20 percent. SQM Group forecasts Sydney prices falling 9 percent and Melbourne 7 percent this year as investor demand dries.

Summary by Glance · Brisbane Times