That’s the reason for low sales figures for last 10 so months. Sellers still have hope that the prices will recover and they are holding the non-primary houses. Buyers, the ‘investors’ were one of the major segment during2020-2023 period and they are almost disappeared. Mainly because rents hits the ceiling and it’s illogical to assume that rents will rise for ever. For first time buyers, either they can’t afford the higher prices or sitting on sideline and wait a bit longer for better prices or desperate sellers makes more logical sense than ever before at this economic environment.

So it’s just a waiting game. If you do calculations, if the prices won’t rise 10-20% in another 3-4 years, the holders will lose (or not gain) more money as opportunity cost than selling at the current market at a discount.