00:02This home is one of several in Canberra this week, with no result at auction.
00:06The agent says buyers are interested, but with prices falling and interest rates rising,
00:11they're waiting longer to make a decision.
00:14They're not ready right now and they're preparing a property of their own to sell,
00:18so this is just moving on to the next stage.
00:21We didn't get a result at auction, but we're confident we're going to get a result in the next two
00:25to four weeks.
00:26I actually really like the layout.
00:27From first home buyers to retirees, Canberrans are in no rush to buy.
00:32The dynamics of the market are kind of working in our favour at the moment.
00:36I think we're all in a waiting, sort of holding pattern to see what happens.
00:40According to data from Cotality, the preliminary auction clearance rate this week in Canberra is only 42%.
00:46That's compared to 54% last week and 68% this time last year.
00:52But the industry says figures will bounce back.
00:55That will jump up over the next two to four weeks for those properties that didn't sell at auction.
01:00So there's been a lot of property sell by negotiation after the auction date itself.
01:05Homeowners are yet to feel the effects of the latest rate rise, but the Real Estate Institute says it will
01:10impact first home buyers.
01:12I think that will have a bit of a negative effect initially until it gets absorbed by the market and
01:18people work out what they can spend.
01:20But with ACT investment slowing, the rental market remains tight.
01:25That will start to see rent rises increase, so it doesn't help renters.
01:29They're capped at a level and it puts pressure on them, unfortunately.
01:32With no rate cut on the horizon, the market is in buyers' hands.
01:36We are sold. Congratulations.
01:38Thank you very much.
