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Mortgage rates are rapidly declining, dropping from a two-decade high of 8% to 7.4% in the last three weeks, creating an opportunity for homebuyers to lock in lower rates. The share of homes bought in all cash reached its highest level since 2014 in September. Active listings saw their smallest decline since July and are at the highest level of the year. Nationwide, investor purchases fell 30% year over year to the lowest third-quarter level in seven years. However, the housing market is experiencing a cooling trend in the Australian property market due to rate hikes shrinking borrowing capacity. Mortgage demand is falling despite attempts to stabilize prices.
