Australia’s housing green shoots wither away
The weekend of 8-9 August suggested the nation’s housing market might be stabilising after the national auction clearance rate hit a 12-week high of 51.4%, following 10 consecutive weeks in the 40s. Auctioneers and agents hoped we had hit the bottom and that price declines would soon stabilise. Alas, the hopes were short-lived, with Cotality The post Australia’s housing green shoots wither away…
The weekend of August 8-9 showed signs of stability in Australia's housing market, as the clearance rate climbed to a 12-week high of 51.4%. However, the market's temporary optimism proved short-lived, with the clearing rate slipping back into the 40s by the following weekend. Sydney, in particular, experienced a severe decline.
The weakening market sentiment, as evidenced by the drop in auction volumes and the daily dwelling values index, suggests a bleak future for the housing market. Over the past month, dwelling values have dropped by 1.09% across the five major capitals, with Sydney and Melbourne leading the decline at -1.57% and -1.18%, respectively.
The overall steepening of the market decline, now standing at 3.6%, highlights the severity of the situation, particularly in Sydney (-6.3%) and Melbourne (-5.9%).
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