Melbourne’s active buyer market has depreciated by nearly 15% on the previous year on domain.com.au, as buyers aren’t proving as quick to shortlist a property or make an online enquiry.

Those with the cash are keeping their wallets closed and their houses off the market this winter.

Australia’s property market has been absolutely red hot for the last several months. Many people are buying their first homes, others are moving into rental properties. Just like everywhere else in the world, there’s a need for housing that isn’t being filled.

The Reserve Bank of Australia recently announced another rise in the national interest rate, now making it 1.85%. This has happened continuously for the last four months, in part to keep up with the rising cost of inflation.

Government-backed reverse mortgages are becoming increasingly popular with older Australians as the cost-of-living rises.