30% clearance rate report for Sydney, page-2

Not only are the auction rates falling but the actual money turnover in property compared to last year is much, much lower.

This time last year there was $485 million in turnover, this year there is a measly $160 million in Sydney, thats like a business losing two thirds of its revenue or turnover and highlights the weakness in demand.

From the AFR : - The grim results, where fewer properties were auctioned and a higher proportion withdrawn, saw just $160 million worth of homes sold in Sydney over the weekend, down from $485 million at the same time last year.

https://www.copyright link/real-estate/sydney-slammed-as-auction-clearance-rates-plunge-20181020-h16why

The Afr also mentions, trouble in the Off-the-plan sectors, people seeing interest rates rise, scared to death of Shorten's neg gearinjg plans, further tightening of lending when Royal commision reports and the list goes on.

All in all i'm surprised the actual reported price decreases are only at 6% odd year on year, must be a lot more pain to come as no real panic out there yet but investors must be starting to sweat.