Property prices plummet as auction clearance rates crash

Australian property markets are experiencing significant declines, with Domain projecting Sydney homes to lose over $120,000 in value and Melbourne homes around $84,000 over the next 12 months. Auction clearance rates have plummeted to levels not seen since the Global Financial Crisis, with some auctions reporting no attendees. The government argues these changes are enabling first home buyers to re-enter the market by reducing competition from investors, while critics claim the downturn is hurting all market participants and that banks are pulling back finance.See omnystudio.com/listener for privacy information.