Property values "started falling"

The Sunday Telegraph property feature headlines "Rate Rises take toll on property values" and says property values have started falling in Sydney as the impact of five interest rate rises starts to bite. According to Residex, over 100 suburbs experienced price falls in the last quarter.
However some north shore suburbs experienced price increases of up to 7.5% over the same period.
Residex CEO John Edwards blames high auction clearance rates for creating false hype and cautions that auctions are not the best way to measure price growth. Only about 20% of homes in Sydney sell under the hammer. Ray White strongly support auctions, but agree that most houses offered for sale at auction sell either before (typically 20%) or in the week or so after (typically 50%). So yes, the bid price achieved at the auction is not necessarily a good guide to the house value, you need to include the price at which the property actually sold. But certainly the auction does generate hype, which is why Ray White promotes auctions as the way to achieve the best sale price.
In all the discussion about inflated Sydney house prices, I liked this quote as part of the problem "a tax regime in Australia that favors asset purchases over wage income has enhanced the upward rise".