Cold feet and cooling prices: Australia’s property market is transforming – and first home buyers aren’t biting

Exclusive: Data shows buyers are not rushing to get into the market, despite lower prices and less competition

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First home buyers are starting to step back and investor demand is slumping in all areas except new property, as Australia's housing market enters a downturn.

Research shows the market is transforming, nearly two months on from a third consecutive interest rate rise and sweeping tax reforms.