Buyer's Property Market in sight ?

As the Reserve Bank of Australia sharply increases the interest rates and the preliminary auction clearance rates reduce across the country at down below 60% for the first time since late August 2021 (as per corelogic), the property market is slowly turning around to become a buyer’s market again. Historically these periods of softening property markets in Australia are one of the best times for investors and first home buyer’s alike to put their foot in the door. As the ques outside the open homes disappear and the scanty?buyer numbers are actively followed up by real estate agents to put an offer in, sound familiar – that is usually the best time to negotiate and buy a property. Historically we have seen interest rates hit the highs during the Global Financial Crisis and impacted by other world events from time to time, but the property market across the major cities of Australia has steadily gone up. A lot of it has to do with not only property shortages but also the requirements for skilled migration and skill shortages that the country has seen, which has resulted in strong migration levels in the past. With the Australian borders re-opening and the major cities being the hot spots for new migrants , where are all the people who migrate in the next 30 years going to live? With the bigger cities like Sydney and Melbourne already on the brink of a rental crisis and breaking point , a lot of experts are of the opinion that Australia is on a verge of rental crisis. With rental vacancy rates at their lowest and rental demand continuing to rise sharply, the situation will only get worse with the opening borders. ?Does this not hold a case for finance ready buyers to make the most out of the current evolving buyer’s market, giving them more negotiating power to get their foot in the Australian property market?