‘Tables have turned’: Big bank exec reveals huge power shift

These were the scenes of the past two years as large crowds turned out at auctions such as this one at Alexandria. Picture by Max Mason-Hubers After years of soul-crushing auctions and lightning-fast sales, the tables have finally turned, with a big four bank executive flagging a dramatic turning point that’s changing everything. As the traditional spring selling surge kicks into gear, a seismic shift is happening beneath the national surface, cracking the absolute frenzy that defined recent years of property sales. National Australia Bank home lending executive Denton Pugh reveals why longer selling times, massive vendor discounts and a surge in listings mean buyers are finally taking back control this spring. NAB home lending executive Denton Pugh. By Denton Pugh Spring is traditionally Australia’s busiest housing season. As the weather warms up, more properties hit the market, auction activity increases and many buyers who put their plans on hold over winter start actively looking again. But while the spring selling season is underway, this year’s housing market looks different to the one many Australians have grown used to over recent years. Interest rates remain elevated, affo...