Sydney property sentiment drags nation down

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From Westpac’s exceptional Red Book:

― Housing-related consumer sentiment remained weak in Dec. The ‘time to buy a dwelling’ index fell a further 3.4% in Dec to 99.5, only the second sub-100 read in the last 5½yrs. The Index is 5.3% below its level a year ago and 31.5% below its most recent high in Sep 2013.

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― Market conditions are now showing clearer signs of slowing across a range of measures. Auction clearance rates have continued to decline

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.