Jun 24, 2026 – 12.30pmFederal Housing Minister Clare O’Neil has acknowledged that Australia’s property market is undergoing a price correction as auction clearance rates plummet, conceding the slowdown is due partly to Labor’s tax shake-up for investors as well as the impact of high interest rates.House prices in Sydney have fallen more than 1 per cent in the past four weeks alone and in Melbourne, they are down 0.9 per cent over the same period as the proportion of successful auction sales drops close to 40 per cent, a record low.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Labor’s O’Neil says housing market undergoing a correction
The housing minister’s comments come amid a downturn that has sent house prices down 1 per cent in Sydney in the past four weeks as auction clearances near record lows.
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