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