http://news.domain.com.au/domain/re...auction-drops-9-per-cent-20150803-giq1ir.html The price of Sydney homes selling at auction plummeted 9.1 per cent over July, new figures from Domain Group indicate. The price drops came as auction clearance rates trended down over the past month, with the previous two Saturdays the weakest of the year. Domain Group senior economist Dr Andrew Wilson said the market was clearly on the turn and anticipation of banks cracking down on investors could be one reason for the drop. "More than 60 per cent of the Sydney market are investors and we have seen a record number of properties auctioned in July, and that's going to continue," Dr Wilson said. "And 800 homes are going under the hammer this Saturday - that's unheard of [in August]. "Are vendors rushing to the market?" Dr Wilson said news of Sydney's million-dollar median house price may have made Sydney homeowners over-ambitious with their reserve prices. "Clearance rates are now 10 per cent lower than what they were in May," he added. With 500 of the 644 results reported by Saturday evening, Domain Group put the clearance rate at 79.5 per cent. This was slightly weaker than the previous week's 79.7 per cent. Dr Wilson said the median auction price for houses and apartments had dropped from $1,100,000 to $1 million over July but was still 16.3 per cent higher than a year ago.