Minister Says Housing Market in ‘Correction’ Amid Weak Activity Post-Tax Overhaul

Auction clearance rates have fallen to pandemic-era lows across the country in recent weeks.

Minister for Housing, Homelessness and Cities Clare O’Neil speaks during Question Time in Canberra, Australia, on Nov. 5, 2025. Hilary Wardhaugh/Getty Images

Housing Minister Clare O’Neil has said Australia’s housing market is in a correction phase following the post-COVID-19 surge in house prices, amid low levels of buyer activity.

“I think the housing market is cyclical in Australia. A very uncontroversial comment. We see periods of very significant house price growth, and then we see the market make a correction, and that’s what we’re seeing at the moment,” she told ABC Radio.