There are signs the pace of price declines is easing. CoreLogic numbers for September  show prices dropped 1.8% for the month compared to 2.3% for August.

Last week's rate rise will maintain downward pressure but we see the settling of prices  continuing to play out.  

It invites questions as to where we are in the cycle. The answers to such questions are  only evident in hindsight but there's a case to be made that we're at or near the bottom.

If that's true, property owners should feel comforted. The value of their main asset is  up substantially from pre-pandemic times. Systemic undersupply is on their side.

On the other hand, there's little comfort for aspiring first home buyers. The ability of  this cohort to compete for available properties has been compromised by higher rates and for many, spiking rental costs.

Predictions made in winter of a mild pick-up in activity in spring are proving generally  sound. Auction volumes bounced back last week after the week prior was impacted by  the Grand Final and the long weekend.  

There's little to suggest there'll be any major shifts as we approach the end of another  year.

If anything, and despite various significant economic factors playing out nationally and  globally, the biggest variable in the NSW housing market right now appears to be the  weather.  

Time will tell what impacts if any the budget later this month will have.