Auction clearance rates have dropped indicating bad times ahead for the housing market.
Clearance rates have plummeted from 65 per cent this time last year to 45 per cent.
Real estate agent John McGrath has told 2GB’s Luke Bona it is clear that there has been a change in the market.
“Auctions are an immediate indicator and I think a fairly good indicator to tell people what the pulse of the market is doing week by week, month by month, and they’re definitely down.”