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The four sets of data that show how the property market is transforming
Four key pieces of data show how the property market is cooling. (Getty: Brent Lewin/Bloomberg)
Initial asking prices are falling and homes are sitting for longer as the housing market cools across Australia.
During a period of global economic instability, domestic tax reform and sustained higher interest rates, buyers and sellers in the Australian property market have been adjusting their approach to transactions.
"These cumulative effects over the last six or so months have dragged demand lower significantly," said Cotality's head of research, Gerard Burg.
To get a sense of how this uncertainty is playing out in the market, here is what four sets of data tell us.
Slump in auction clearance rates worse than during pandemic
The auction clearance rate has once again dropped below 50 per cent nationally, marking nine weeks of consistently low figures not seen in Australia’s property market since the last major downturn in 2018 caused by tighter lending restrictions.
This week’s preliminary clearance rate came in at 50 per cent, although it will likely be revised down to about 48 per cent. The result is slightly weaker than last week, when the preliminary rate came in at 54.8 per cent before being revised down to 48.5 per cent, according to data house Cotality.
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