Property prices continued to fall across the nation with values declining a further 1.00% throughout November. This brings an approximate 7.00% (average of $53,400) decline since national property prices peaked in April of this year. Whilst this marks the seventh month of decline, the rate at which prices are declining is beginning to soften, with the 1.00% reduction being the smallest since the 1.60% monthly decline in August. 

Queensland again recorded the most significant monthly reduction, along with Tasmania with a 2.00% reduction in the Home Value Index. New South Wales, Canberra, Victoria and South Australia also experienced a reduction in value with 1.30%, 1.20%, 0.80% and 0.30% respectively. 

Western Australia remained stable, and the Northern Territory actually saw a small increase of 0.20% for the month. 

Record low vacancy rates of 1.00% have allowed unit prices continue to remain somewhat resilient, recording a 0.60% reduction for the month, bringing 4.70% reduction since prices peaked. 

The number of auctions held in the last weekend of November remained considerably below that of last year, with 2,393 auctions taking place as opposed to 4,251 last year. Whilst well below that of last year, the number of auctions were up 4.10% on the previous weeks results and were in fact the highest since a weekend in mid-June recorded 2,528 auctions. 

Clearance rates across the nation were also down on last year's figures, with only 61.50% of auctions clearing (down from 68.50% last year) indicating that vendors may not yet have responded to market conditions. Adelaide again recorded the highest clearance rate for the weekend with 65.90%, followed by Sydney (64.20%), Canberra (62.80%), Melbourne (61.00%) and Brisbane (47.40%). 

Source: Article, Report