"Flat property listings look resilient on the surface, but persistent rate uncertainty and shifting tax settings saw buyer sentiment soften late in the year," Ms Neumann said after the results release. "But once the dust settles and interest rates stabilise, we expect consumer confidence to improve and buyers to become more active." Rising interest rates were more to blame for property market woes than the removal of tax concessions for investors, Mr McIntyre said. "It's likely that we're at or near the peak of the interest rate cycle," he said. It plateaued in afternoon trading to $171.91, up 3.4 per cent from the market open.