The latest CoreLogic index data continues to underscore a slide in prices, and a rise in property listed in the main centres.
Sydney continues its slowing trend, Melbourne is following, and Perth is lower.
The number of properties listed continues to rise in Sydney and Canberra most notably.
Many are arguing this is just a “blip” over the holiday period, and things will return to normal as the autumn season kicks off. However, we are less sure, given the changed lending environment, and expectations from property investors. The next month or so will provide a better lens on longer term prospects.
CoreLogic also makes the point that:
The combined capital city auction clearance rate fell to 62.3 per cent over the December quarter, down from 67.8 per cent over the September quarter.
Clearance rates are down across all but two capital cities over the December quarter, with Sydney recording the largest fall, down from 66.8 per cent to 57.7 per cent. Brisbane and Adelaide were the only cities where clearance rates didn’t fall, with both cities increasing by just 0.2 per cent over the December quarter. Melbourne recorded the highest clearance rate over the quarter at 68.1 per cent, down from 72.6 per cent the previous quarter, followed by Canberra at 66.3 per cent. Overall, the combined capital city clearance rate for the December quarter is lower on both a quarterly and annual basis.
