July has seen Sydney’s house price downturn steepen, with Cotality reporting a 0.5% decline in values over the past seven days. The rolling 28-day change in Sydney has worsened, with values falling 1.4% – the steepest rate of decline in this cycle. The above data from Cotality helps explain why leading Sydney auctioneer and agent Tom Panos labelled the current market the worst he has seen in his 30 years in real estate. Advertisement“Today was the worst auction day of my real estate auction career”, Panos said in last weekend’s wrap. AdvertisementBuyer demand has evaporated, with final auction clearance rates in Sydney averaging only 47% over the past eleven weeks.