We know that auction clearance rates are falling away at a good clip:
What is less obvious to the untrained eye is that Sydney has begun to repeat its 2003 bust in which house prices corrected 20% and some areas as much as 40%:
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Auction clearances in Sydney’s mortgage belt – which runs in a ring from the southern beaches though Canterbury-Bankstown, Parramatta and the North West – have collapsed deep into the 30%s.
