Housing becoming a buyers' market as prices and seller expectations cool | The Business | ABC NEWS

Auction clearance rates have fallen to a six-year low, with rising interest rates and the government's changes to the Capital Gains Tax Discount (CGT) and negative gearing weighing on sentiment. Research by property insights firm Cotality reveals a three-speed housng market. Cotality's head of research, Gerard Burg says Sydney and Melbourne are already in decline. Perth is still well out in front in terms of price growth, and Brisbane and Adelaide are in the middle, although it's expected all states will slow in the coming months. Treasury numbers predict the tax changes will leave house prices around 2 per cent lower over two years. However, some economists warn the fall could be sharper if confidence falls further. AMP chief economist Shane Oliver says there's a 'perfect storm' brewing in the property market. He says prices could fall by around 5 per cent in the next 12 months. Westpac senior economist Matthew Hassan is forecasting investor activity in existing property stock will pull back by a third in response to the government's tax changes. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2026-06-01/asx-markets-business-live-news-asx-wall-street-oil/106742798 Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia