melbourne - auction average price falling

Tonight I went back through the REIV data I have been collecting and updated a few weeks that have revised data, so if you notice some small changes between the figures in the graphs I will continue to post then it's likely this is the reason.

I have already made note of the large dropoff in volume this weekend just past (in this thread which unfortunately was closed), there was a revision released yesterday which changed the data slightly, we ended up with total volume of $517m, which is $150.34m less than the week prior, a drop of 22.5%. It was also still the lowest volume since February 6th apart from long weekends.

At the same time as updating for revised data I also took note of the number sold at auction so could use this along with the $ volume to workout an average price paid at auction. Here is a table showing the auction $ volume divided by the number of properties sold to give an average price paid:



As you can see we're looking at a fairly large drop the last couple of weeks with this last weekends average price the lowest since February 6th (without counting long weekends).

We've got clearance rates at low levels, lending is right down, could we be looking at the start of price declines?