The continuous rate cuts led to a 25% surge in online property search, which helped offset the sharp drop in the number of Chinese homebuy enquiries caused by the US-China trade war and Australia’s growing architectural flaws. Nerida Conisbee, chief economist at real estate website realestate.com.au, and real estate market prospects discussed by real estate analyst Martin North, Nerida said that in the 12 months to August, the number of buyers searched by realestate.com.au increased 25%. She said: “From this data, buyers are very satisfied with the rate cut. On the one hand, buyers have returned, but on the other hand, we have not seen how many people are willing to sell their own houses.”
Nerida said: “Investors’ activity is very low. Compared with 12 months ago, the search volume of Chinese home buyers has dropped by 50%. You know, they are big customers, and many problems in the building development industry need to be very It will take a long time to resolve. The situation is recovering, but I think Melbourne’s house prices will not rise by more than 10% in the short term.”
