Minister says housing market is 'correcting' | ABC NEWS

Housing Minister Clare O'Neil told ABC's RN Breakfast the housing market is experiencing a correction following low auction clearance rates.

Shadow Housing Minister Andrew Bragg responded by saying: "It's a long game, housing, and I'm not sure that she's a forecaster.

"Ultimately, until we see a larger amount of housing supplied, I don't think we're going to see price stability or affordability."

When asked about Ms O'Neil's comments, Treasurer Jim Chalmers said he thinks the housing minister was using a "general description" rather than a technical definition.

He says the minister was reflecting on an "accurate, general view" on the housing market.

"If you look at the budget's assumptions from Treasury, they expect house prices to continue to grow, but a bit more slowly," Chalmers said.

"We have seen a softening in house prices in recent months, even before the budget."

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