House prices are dropping across the board.

According to CoreLogic, Melbourne recorded its second-busiest week all year, returning a preliminary hose clearance rate of 49.8 per cent across 1706 auctions.

It compares favourably to the 70.2 per cent achieved in the previous year over 1983 auctions.

Adam Docking, vice president of the Real Estate Institute of Victoria and chair of the Auction Committee, told Ross and John there’s been a clear drop in foreign buyers.

“We have seen a big drop in the number of Chinese buyers in the market,” he said.

“However, that’s opened up a lot more (opportunities) for residential and Australian buyers in the market as well.

“It’s both good and bad.”

Mr Docking said the downturn in house prices provided first-home buyers more opportunities to enter the market.

“First-home buyers are coming back into the market in force,” he told 3AW Breakfast.

“It’s really good to see.”

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