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The Guardian - AU
The Guardian - AU
National
Brigid Delaney

Has the interest rate rise broken Australia’s housing market fever?

Belle property director Steve Burke conducts an auction on a property
Real estate agents say Australia’s recent interest rate rise will hurt already stretched mortgage holders, but the housing market won’t ‘fall off a cliff’. Photograph: Diego Fedele/AAP

The days of the bull run are over, said John, standing on the street in Redfern as we watched a tepid auction over a terrace not so much unfold, as haltingly and painfully reach some kind of an ending.

“The end of 2020 you’d have 400 people go through a house in half an hour before it was auctioned. You’d have 60 registered bidders, it was rapid fire and crazy,” he said.

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