Labor’s O’Neil says housing market undergoing a correction (opens original article in a new tab)

Federal Housing Minister Clare O'Neil acknowledged Australia's property market is undergoing a price correction as auction clearance rates plummet and house prices decline in Sydney and Melbourne.

• Federal Housing Minister Clare O'Neil acknowledged Australia's property market is undergoing a price correction
• Auction clearance rates have dropped to a record low of close to 40%
• House prices in Sydney and Melbourne have declined by 1% and 0.9% respectively in four weeks