Housing Market Freeze: A Perfect Storm of Deterrents The Australian housing market is facing a perfect storm of factors that are driving a surge in "buyers' strikes" and a sharp decline in auction clearance rates.
According to Domain, nearly half of properties under the hammer last week went unsold, casting a shadow over the already fragile property market.
Interest rate rises and economic uncertainty have certainly contributed to the decline, but it's the government's decision to abolish negative gearing on established homes that has dealt the final blow.