Australian property market faces further decline

Australia's property market continues to decline with the Big Four Banks warning of further falls ahead. Auction clearance rates have improved slightly to 55.1% but remain well below the long-run average of 66%. Sydney and Melbourne have experienced the steepest declines with values falling more than 5% since their peak, while experts predict a cumulative decline of around 10% from peak to trough.See omnystudio.com/listener for privacy information.