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As sellers lower their expectations to get deals done amid the market downturn, new data indicates that auction clearing rates had improved to levels last seen before interest rates began to increase. As the shock of seven interest rate hikes fades, brokers report that buyers are returning to the market with a clearer understanding of their finances. The once-booming housing market has begun to decline due to a rise in the cash rate to 2.85 percent. Auction clearing rates have increased for three consecutive months, crossing the 60% level despite continuing price declines. In a market where buyers’ budgets are

According to Shayne Elliott, chief executive officer of ANZ, a large Australian bank, many Australian borrowers are ahead on their mortgage repayments, which should protect them from a rough landing when interest rates climb. This year, the Reserve Bank of Australia has raised the official cash rate six times in a row, bringing it to 2.6%. As a result, mortgage rates have increased from approximately 2% to between 5% and 6%. As the central bank combats inflation, the property market in Australia will likely face the weight of rising interest rates. Thursday on CNBC’s “Squawk Box Asia,” Elliot stated that