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In last weekend’s market wrap, leading Sydney auctioneer Tom Panos declared that the “market has changed”, noting that “buyer depth is diminishing” and that “fear is gripping the market” amid rate rises and inflation.
Last weekend’s final auction clearance rates supported this assessment, with Sydney’s and Melbourne’s final average March clearance rates falling to their lowest levels of the year:
Panos followed up with another sober assessment this weekend, declaring that “it is super clear that we are changing direction in the marketplace and whilst buyers were chasing the market up, houses now look like they’re chasing the market down”.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.