As we have seen in Melbourne over the last couple of weeks, the auction clearance rate, although still strong, has fallen slightly.
In my opinion, this should give buyers added confidence for a number of reasons:
1) it could now be easier to find a property in their price range, and
2) interest rates are more likely to remain on hold for a longer period if some heat does come out of the market.
And for all concerned buyers and sellers, this creates a more sustainable and stable market over a longer term.