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Major sign housing bubble is set to burst
Major sign housing bubble is set to burst
Words: Ally FosterProducer: Issey Gogoll
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It is becoming increasingly clear that the end is near for Australia’s house price boom, with new data showing this could just be the beginning for the falling property market.
Recent data from realestate.com.au shows a decline in auction clearance rates, a trend that is expected to continue over the coming weeks and months.
For the past two years, Australia has seen very strong clearance rates across the country, and lower rates is reportedly a typical sign of a slowing property market.
2020
2021
2022
For Sydney and Melbourne, which have shown consistently strong auction numbers, clearance rates have dropped to 81 and 75 per cent, according to the REA data.
Brisbane had the lowest clearance rate for all capital cities, with 66 per cent, just under Perth, the ACT and Adelaide. 
Adelaide - 88% 
ACT - 78% 
Perth - 67%
You’re going basically from zero to 2 per cent cash rate in less than 12 months.
“
And that means that the price declines will likely accelerate over the remainder of this year.
Particularly in Sydney and Melbourne.
Particularly in Sydney and Melbourne.
- Paul RyanPopTrack Economist
Australia’s property boom may finally be coming to an end with national house prices falling by 0.11 per cent in May and 0.15 per cent across all capital cities.
Several banks forecast price drops of between 5 per cent and 15 per cent through to the end of 2023, which would see the value of the average property fall by $150,000.
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Original URL: https://www.heraldsun.com.au/web-stories/free/herald-sun/major-sign-the-aussie-house-price-boom-is-over-3