Real estate veteran suffers his worst day in 30 years as dire sight at auction spells trouble for Australia: 'God help us'

By SARAH BROOKES - SENIOR REPORTER, AUSTRALIA Published: 00:34, 26 July 2026 | Updated: 00:41, 26 July 2026 An auctioneer has issued a dire warning about the housing market after experiencing the worst day in 30 years when not a single buyer turned up to six of his auctions.  Tom Panos revealed not one prospective buyer registered to bid at any of the properties he was selling on Saturday, despite claiming they were being offered at bargain prices. The veteran auctioneer warned Australia was entering 'very scary territory' and predicted house prices could fall even further as affordability pressures, rising interest rates and a flood of new listings weigh on the market. Mr Panos said the appetite for real estate is gone. 'Australia's entering into new territory and very scary territory,' he said. 'Things are going to get worse before they get better.  'I've been doing auctions for 30 years. Today was the worst auction day of my real estate auction career. 'I didn't have a single person register to bid. Not one registration.' Auctioneer Tom Panos (pictured) failed to attract a single registered bidder across six auctions on Saturday, describing it as the worst day of his 30-year career The national weekend auction market reported an average clearance rate of 47.9 per cent over the past week, well below the 71.9 per cent reported over the same week last year.  Fresh data suggests Mr Panos's fears may not be isolated.  Domain's House Price Report showed on Thursday that Sydney was leading the property market downturn. The NSW capital saw house prices plunge 3.3 per cent to $1.73million in just three months, while Melbourne recorded its steepest quarterly decline in nearly four years, falling 3.1 per cent to $1.04million. Across the combined capitals, house prices fell 1.4 per cent over the June quarter, wiping almost $17,500 from the median value as high interest rates, affordability pressures and buyer uncertainty continued to cool the market. Canberra also posted a 2.5 per cent decline, while Brisbane and Perth managed modest gains despite signs of slowing momentum. Adelaide was the standout performer, with prices rising 4.8 per cent over the quarter, making it the only capital city where annual house price growth accelerated.  Mr Panos urged the Reserve Bank board not to raise interest rates when it meets next on August 11 arguing a flood of new spring listings and further interest rate rises could put even more downward pressure on prices in the months ahead.  Domain's House Price Report showed on Thursday that Sydney was leading the property market downturn 'God help us on August 11, we definitely do not need a rate rise in the real estate market,' he said. 'But I'm beginning to think that I agree with 40 per cent of the current economists that have factored in a rate rise in August.  'And even if it doesn't happen, it's going to be happening most likely in September.' Mr Panos issued a blunt warning for homeowners thinking of listing their property: if you don't need to sell, stay put with prices already falling 20 per cent in some marketplaces. 'You're not going to get the number that you want,' he said, urging sellers with no financial pressure to hold off for a couple of years rather than test a weakening market. But for those feeling the squeeze, Mr Panos said the opposite applies. He likened the property market to a penthouse lift heading steadily downwards, warning owners to decide whether they want to get out on the 70th floor or the 50th before prices fall further. 'If you feel like you're going to have financial pressure in the near future, I would sell,' he said, warning there was a real chance conditions could get worse before they improve. Domain's chief of research and economics Dr Nicola Powell said affordability had become the dominant force shaping the market, shifting the balance of power away from sellers. 'Buyers have more choice, less urgency and greater negotiating power than they've had in several years,' she said.