The Real Estate Institute of Australia (REIA) President, Hayden Groves said the ABS Lending figures for May 2023 demonstrates that interest rate rises are hurting owner occupiers, investors, and first-time buyers with many seeking to refinance.

According to Duane Kaak, Research Analyst, CoreLogic, the combined capitals recorded the lowest preliminary clearance rate since the week ending 30 April 2023 (69.2%).

Eight of the top 10 fastest selling suburbs had median house prices well below the Perth median, with affordability a key factor for buyers who are acting quickly when they see value.

Since finding a floor in February, the national measure of housing values has gained 3.4%, however, the market remains -6.0% below peak levels recorded in April 2022. That is the equivalent of the median dwelling value still being -$45,771 below a peak of $768,777 says CoreLogic’s research director, Tim Lawless.