AFR today
'Preliminary figures showed 60.8 per cent of the 482 reported auctions in the NSW capital cleared in the week to Saturday, up from 52 per cent a week earlier, but in line with last week's preliminary figure of 58.7 per cent, CoreLogic figures showed.
It wasn't the same in Sydney.
"When I look at the tailing off of interest-only lending, really targeting investors, and them being such a significant proportion of the Sydney market, we've definitely seen that having an impact in volumes and clearances," Mr Brogan said.
Conditions are slowing. CoreLogic's daily index of home values for the first 17 days of December shows a lacklustre market, with Sydney home values down 0.6 per cent and Melbourne down 0.1 per cent, with Brisbane, Adelaide and Perth each up 0.1 per cent from November.
Property in the NSW market is moving, but it is a harder sell than six months ago, Belle Property Annandale agent Rhonda Yim said. '
Sydney down 0.6% in 17 days, that is almost 13% on an annual basis.
In post code 2074, an area I'm familiar with, it looks to me as if prices are almost 10% lower than April 2017 which was probably close to the top of the market.
The first 3 months of 2018 will confirm a serious drop in Sydney prices, or validate some pundits that it is just a blip.
Does it matter? IMO, hell yes. There is a real danger than discretionary spending will take a bit, and that will impact various companies profits and SP. When house prices are going up, most folks feel comfortable with spending and running up debt on credit cards, cat finance etc. And when house prices drop, the wallets can close very quickly.
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