If the correction persists at its current pace, housing boom gains in Sydney and Melbourne achieved during the pandemic, could be wiped out by July next year.
Vendors are already proving wary as buyers get picky. Nationally, last week’s auction activity – 1881 homes auctioned across the combined capitals – was down 20.4 per cent from the previous week and 13.2 per cent below the level in the year-earlier week.
“I would expect the clearance rates would trend lower, maybe even getting as low as it was during the previous downturn,” Mr Lawless said. Auction activity has eased back further this week as well, with 1679 homes scheduled for auction across the capital cities, a 10.7 per cent drop on last week and down 20.2 per cent from the year-earlier period.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Residents call for better dam management in Sydney flood disasterBut residents across NSW worst affected flood zones questioned whether the size and magnitude of the floods could have been eased by better management of the state’s major water catchment, Warragamba Dam.
Read more »
Government loses bid to stop more industrial action on Sydney trainsOnly 70 per cent of the city&x27;s rail fleet will operate on Wednesday and Friday, although that&x27;s more than the 30 per cent originally planned by the union.
Read more »
Wild weather eats into Sydney beachesWaves and wind are eating into the state’s beaches, with some losing almost 30 metres of their breadth in this week’s storms | bencubby
Read more »
Tens of thousands displaced by Sydney floods as state’s north braces for fresh delugeNSW is expected to receive more heavy rain on Tuesday as authorities warn a weather system developing off the state’s coast could bring a fresh deluge as it moves north and targets regions already devastated by flooding multiple times in the past 18 months.
Read more »
Cargo ship and its 21 crew to spend another stormy night stranded off SydneyA cargo ship and its 21 crew will spend a second stormy night strand off Sydney, after several rescue attempts failed this week.
Read more »