The auction clearance rate has once again dropped below 50 per cent nationally, marking nine weeks of consistently low figures not seen in Australia’s property market since the last major downturn in 2018 caused by tighter lending restrictions.This week’s preliminary clearance rate came in at 50 per cent, although it will likely be revised down to about 48 per cent. The result is slightly weaker than last week, when the preliminary rate came in at 54.8 per cent before being revised down to 48.5 per cent, according to data house Cotality.
Slump in auction clearance rates worse than during pandemic
A combination of property tax changes and interest rates is crushing buyer confidence. The last time auction clearance rates were consistently this low was 2018.
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