Over the past few days you may have seen headlines warning that the property market has slipped below a “key benchmark”.

For anyone planning their first development or actively looking for a site, headlines like that can trigger a familiar reaction: Did I miss the window? Is the market about to turn?

Take a breath.

One number moving slightly does not suddenly rewrite the fundamentals of Australia’s housing market. What it does do is give us a small clue about where the market may be heading next.

And interestingly, for thoughtful developers, it may not be bad news at all.