Don't know much about it, but read somewhere recently that clearance rate lows in the 30's (%) in sydney and melbourne usually indicate the lows of buyer sentiment, and the last time we hit 30's (excluding anomolies) was sometime in 2004.
By that measure, Melbourne and Sydney may have a way to go yet. But it depends on who is supplying the figures I suppose. If the REI figures got that low, then things would really be ordinary.
But that is unlikely, as according to them, clearance rates are always over 50%, everyone is happy and drinking beer and playing skittles in the backyard of their rapidly appreciating 1/4 acre block. The worst that can happen is a bit of a 'pause' and some 'softening'. Lovely sounding words like that.
Never to be substituted for 'crash' 'retracement' 'devalued' 'falling' or 'collapse'.
