Melbourne housing market “following Sydney down”

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Via the AFR:

AMP Capital chief economist Shane Oliver said the final clearance figure for Sydney was likely to be around 54 per cent which would mean six weeks of clearance rates “in the fifties”.

“[This] points to ongoing price weakness,” Dr Oliver said. He said auction clearance rates in the mid-fifties pointed to price declines on an annual basis on the back of the experience in 2008 and 2012.

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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.