In fact, McGrath Estate Agency chief executive officer John McGrath said the current downturn "is one of the faster correcting markets" he's seen.

With the RBA's official interest rate set to keep going up, and in turn banks expected to further hike up mortgage repayments, many worried homeowners wish they could go back to November 2020, when the bank's cash rate was at a record low of 0.01 per cent.

The official interest rate reached its highest level in the late 1980s and early 1990s, when it hit 17 per cent, but by 1993 it was down to 4.75 per cent and in 2001 had dropped to 4.25 percent.

It has moved up and down ever since.

"As we are only six months in and most markets are down 10-15 per cent in value, it is one of the worst I've seen, statistically one of the hardest hit," Mr McGrath said.

"I think the current market drop reflects borrowing rates."

Mr McGrath predicts rates will increase to around 5.5 per cent however warns the market will take a bruising if the rates jump much higher.

"Historically Australians have paid an average of around 7 per cent for mortgage interest rates so it's not as much the real level of current rates but the rapid increase from where we were six months ago," he said.

"COVID levelled the playing field between city and regional with many city dwellers choosing a tree or sea change over their city lifestyle."

He said the gap between the regionals and cities has now narrowed, driven by a combination of empty nesters cashing in on city prices, young families forced to find less-expensive housing options and the work-from-home workforce enjoying flexible arrangements.

"I think we've already seen the majority of the price reductions due this cycle but it may get a little worse before it plateaus, perhaps another 3-5 per cent," he said.

"Overall, buyers have received a large and immediate discount from the recent peak.

"So while I don't see a huge rush for buyers to jump in before prices rebound, the window of opportunity won't last forever so buyers who missed out last year should take advantage of the market taking a breather within the next 12 months. "

Harcourts Launceston's director Jeremy Wilkinson agrees there are still good deals to be had and borrowers just need to "hang in there".

He said property prices will rise over the long term, even if stock is currently taking a little longer to sell in most markets.

"Inferior stock gets caught out from a pricing point of view, but if you've got a good honest home, in a good honest location, bought at a fair price, you're not going to go wrong," he said.

Mr Wilkinson said the market, and interest rates, have fluctuated greatly over the 20 years he's been in real estate.

"Look what happened in 2007-2008 and everything crashed; those houses that were worth $300,000 then are now worth $700,000," he said.

Charles Sturt University's professor of business Professor John Hicks said by historical standards interest rates are quite low, however corresponding house price falls will be felt this time around.

"If you're jumping into the market at this time you'll be confronted by increased interest rates and you're not going to be experiencing the same growth in the value of the property you buy as has been the case over the last five to 10 years."