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Over recent weeks, leading Sydney auctioneer Tom Panos has warned that Sydney’s housing market is under stress amid a surge in listings and buyers experiencing affordability constraints following recent interest rate hikes.
Three weekends ago, Panos declared that the “market has changed”, noting that “buyer depth is diminishing” and “fear is gripping the market” amid rate rises and inflation.
Two weekends ago, Panos warned that “it is super clear that we are changing direction in the marketplace and whilst buyers were chasing the market up, houses now look like they’re chasing the market down”.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.