House prices falling… ever so slightly every week

US Fed increased interest rates again but with a caveat that they might not do it frequently in the future. That dipped the markets suddenly and then it came back up again. Not sure how many caveats in day-to-day life have that kind of response at a global level!

I can see prices are dropping, a little at a time. Some of the properties I have been finding that slashed their prices in larger chunks were those bought during market highs – Dec last year (Dec 2021). Others are investment properties that were bought in 2020 or thereabouts.

According to some reports, even if the market falls by, a whopping 30%, it is only going to be back at 2020 levels. That shows how high prices have been over the last couple of years!

Auction rates have slowly increased, I think probably due to seasonal purchases. Only in Australia have I heard of property-buying seasons! It’s like everyone decides, “hey, it’s spring, let’s shop some properties…. ” 🤔?

As a first-time home buyer, this market is a little puzzling to us. I have not heard of houses selling in auctions this frequently, as if they were original masterpieces of Van Gogh or Monet found accidentally in someone’s attic! These are pretty ordinary houses, why are they so much in demand that they have to be auctioned? It’s not like there is a low supply or anything. Or is there?