Sydney and Melbourne lead housing market decline
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REA Group Senior Economist Anne Flaherty explains how a widening gap between buyer expectations and vendor price demands is pushing auction clearance rates lower, and signalling further house price falls. “There’s a clear mismatch out in the market at the moment between what vendors are willing to accept and what buyers are willing to pay,” Ms Flaherty told Sky News Australia. “Normally, this is what we see at the start of a property price downturn, and I think that what we’re likely to see is that home prices do respond to the auction clearance rate. “Until those prices recalibrate, we’re likely to see those auction clearance rates at sub 50 per cent levels or sub 55 per cent levels at least. “Predominantly, what we’ve been seeing over recent months is that Sydney and Melbourne have been leading the declines around the country.” In partnership with realestate.com.au.
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