Eliza Owen

That's right.

Over the June quarter, we saw the clearance rate come down to about 61% across the combined capital cities, and that's down from 76% in the June quarter of the previous year.

And even over the past few weeks through July, we've observed that combined capital city clearance rate fall even further still.

It's now sitting in that 50% range.

If you look at cities like Sydney and Melbourne,

Those are starting to show weaker clearance rates still with Sydney averaging about 53% over the past few weeks.

Yeah.

And I think that's the good thing about auction data, right?

Is it is that high frequency pulse that we have on the property market.

So, week by week, that actually comes out as quite highly correlated with movements in property prices.

And indeed, these auction figures corroborate that story of higher levels of supply, buyers falling away, and vendors having to come down on their price expectations.

Yeah, I mean, I guess this reinforces what we're seeing across the CoreLogic Home Value Index, which measures property values across the market.

It reinforces what we're seeing in the time it's taking properties to sell by private treaty and vendor discounting rates.

It all points to a steeper decline in property markets across Sydney and Melbourne, particularly the sort of central and high-end markets of these cities.

And they tend to lead the property cycle.

They will be the first to see declines during a downswing.

And often they see more volatile movements during a downswing as well.

So Sydney and Melbourne tend to have higher highs, lower lows.

They also are a bit of a bellwether for the other capital cities.

If you look at what's happening in the daily CoreLogic Home Value Index, we measure the rolling monthly change on that daily metric.