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Housing markets typically move in cycles – often referenced as the ‘property clock.’ Anyone with an interest in property sits around guessing what time it is. If you observed the clock over the past thirty years, it has largely worked out, but right now reading the property clock is getting harder.

Sydney has had a decline of 9.50% in property prices since they peaked in July last year, and Melbourne is not far behind with a drop of 5.80%. Technically anything more than 5% is considered a crash, so are Australian house prices really crashing and should we be worried in New Zealand?