Housing market cools as rates climb

Australian housing market clearance rates have dropped to 62.7%, one of the lowest points this year, following back-to-back interest rate rises in February and March. SQM Property Research has downgraded house price growth expectations from 6-10% to less than 3% across major capital cities. The Reserve Bank of Australia faces a 72% probability of further rate increases, which would continue to suppress buyer demand and borrowing capacity.

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