It's business as usual as property eases back from fever pitch
REAL estate prices across Australia finally begin to steady after record sales earlier this year.
THE residential property market appears to be observing its traditional mid-year slowdown, with real estate prices steadying over the past month after the record sales of early in the year.
Sydney, Melbourne and Adelaide all recorded solid auction clearance rates over the weekend, with Brisbane - where private treaty sales are far more prevalent than auctions - the only exception.
In Sydney, 60.7 per cent of the 549 homes listed were sold at auction, down slightly on last week's 61.9 per cent.
Melbourne was a similar story, with 63.3 per cent of the 960 homes sold, compared with last week's 61.8 per cent.
According to Australian Property Monitors, total weekend auction revenue for Sydney, Melbourne, Brisbane and Adelaide was up $97 million on last weekend, and down $34m on the same weekend last year.
The top-priced sale was a six-bedroom home at Waverley, in Sydney's eastern suburbs, which sold for $4.7m.
Behind it was a seven-bedroom home in Melbourne's Caulfield North that went for $3.7m.
Co-principal of Melbourne's Gary Peer Real Estate, Phillip Kingston, said the property market was still performing but was "much more normal" than it was just a few months ago.
Mr Kingston said despite the levelling, sellers could still expect a good sale price.
However, Real Estate Institute of Australia president David Airey disagreed.
Mr Airey said while things were normalising, the sector could be in for a bumpy ride in the not-too-distant future.
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"I think if the resource super-profits tax is made reality it will have quite a negative impact on the housing market," Mr Airey said.
"Australians need to think about that very carefully . . . it will not be good."
Read more about the property market easing back from fever pitch at The Australian.