00:07Just a handful of buyers turned out for this auction in Melbourne's north with a reserve
00:12price of $595,000.
00:18In a deteriorating market, no one was willing to snap up this three bedroom house.
00:24We can see that buyer activity is particularly low.
00:27Last year, we were seeing on average around four people attending open homes.
00:31This year, it's sitting at around two people.
00:34Across the country, house prices fell 0.9% in August, the biggest monthly drop this year.
00:41The median Australian home is now worth $912,000.
00:45Sydney had the biggest fall in prices, dropping 1.4%, followed by Melbourne and Canberra.
00:51Darwin was the only city to buck the trend, with prices rising 0.6%.
00:57I suspect those sort of trends will continue for a while.
01:00But over the last couple of months, the number of cities and regions across the country that are in decline
01:05has generally widened.
01:07So this downturn has become more entrenched as this period has continued.
01:12Buyers may also get a further leg up with new Victorian state government laws aimed at ending the practice of
01:18underquoting.
01:19It's when property buyers are lowballed on a price that vendors are looking to sell.
01:23From the 1st of October, agents will be required to publish the reserve price at least seven days prior to
01:30an auction or sale.
01:31It's going to bring a lot more transparency to the market.
01:34A further glimmer of hope for first home buyers as the property market tide turns.
01:42Inflicts, we bought the reserve price at least 7.1% at minimum any fees.
01:42The american sales will collect gold in parasiets, upper label price at least 7.2% at least chocolate juice
01:42rate
01:42from pastime.
01:42Yes, we'll� up the price, interest from Tokyo makeshle ring pay raises.
01:43The current feature event, the profile event starts子ing in early this period,
