00:02When we have a look at the row white clearance rate, it dropped from 65% at the same time
00:07last year to around 56%, so clearly fewer properties clearing.
00:11But probably more interesting is looking at open home data, so that's where we saw some
00:17pretty big changes.
00:18So the number of people attending open homes dropped from 3.4 on average last year, same
00:25week last year, to 2.1.
00:27It was a little bit mixed, depending on what city you're in, so Adelaide did remain pretty
00:33high, so still quite a lot of activity in Adelaide, but then go across to Melbourne and
00:37it was sitting at about sort of 1.9, so again, we're seeing a very diverse property market
00:44where some cities are still relatively strong, but others are weakening quite quickly.
00:49We started to see a drop off in a number of people attending open homes pretty much at
00:53the start of the Middle East conflict.
00:55So when consumer sentiment dropped to that record low level, but absolutely the market
01:00was slowing down considerably even before the budget.
01:05I mean, it has to slow.
01:07I mean, if you're looking at places like Perth and Brisbane now, they're still running at
01:10sort of 15% to 20% price growth per annum, which clearly isn't a comfortable situation for anyone.
01:23So let's get started.
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