SQM research director Louis Christopher said the low auction volumes indicated housing prices could to dip up to 4 per cent during the second half of this year.
Already a subscriber?Sydney and Melbourne auction volumes have fallen for a second consecutive week in what could be an early sign housing prices will fall later this year, experts say.
In Melbourne, the preliminary clearance rate declined even further, going from 66 per cent to 56 per cent. “The results were quite weak in Sydney and Melbourne. Those markets are now just keeping their heads above water where prices are expected to fall later this year,” Mr Christopher said on Sunday.
A weaker Sydney auction result was the biggest driver behind total national auction numbers falling 16.8 per cent to 1478.In two out of five Sydney suburbs where the median sits at $2 million or higher, prices have fallen as much as 7.5 per cent in the past three months. He said the realtor’s Victoria auction volumes were 28.7 per cent higher compared to the same time last year, indicating that confidence remained stable.
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