• More buyers than sellers
• Peak of real sales prices
• Low rental yields
• High confidence
• Rising interest rates
• Falling construction prices
12
1
5
6
11
9
10
• Falling commodity prices
• Falling share prices
• Rental yields drop
• Tighter bank lending
4
• Oversupply of property
Slump
Starting
to decline
Recovery
Declining market
Market bottom
PROPERTY CLOCK
Rising market
• Decline in number of
property sales
• Falling real estate values
• Rising construction of new
homes
• Rapidly rising prices
• Property demand increases
• Limited supply of property
Start of recovery
Approaching market peak
7
3
8
• Rising values
• Rising sales volumes
• Fewer days on the market
• High auction clearance rates
• Reduced interest rates
• More relaxed bank lending
• Prices rise
2
• Construction of new homes
declining
• More sellers than buyers
• Rising yields
• Rising commodity prices
• Oversupply of property
• Decline of real sales prices
• Low confidence
Boom
Slowdown
Market peak
Approaching bottom of market
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