according to property research group RP Data-Rismark.

Auction clearance results, a barometer of market activity, have hovered around 60 per cent in Sydney and Melbourne in recent months, well down from the 80 per cent levels seen last year.

The average time on market for a property was 59 days in March, compared with 45 days in March 2010, RP Data said. The average discount on a property has risen as well, hitting 6.5 per cent in March, up from 5.2 per cent in March 2010.

Other recent reports point to weakness in the real estate market. Property data firm SQM Research earlier this month said the stock of houses and units on the market has increased, rising 45.5 per cent in the year to March to 356,600 properties nationwide.

Read more: http://www.smh.com.au/business/home-prices-in-biggest-drop-in-12-years-20110429-1dzkb.html#ixzz1Kt4Ot4gq

Read more: http://www.smh.com.au/business/home-prices-in-biggest-drop-in-12-years-20110429-1dzkb.html#ixzz1Kt4739Y5