Australia's auction clearance rates slump as property market weakness tipped to continue
Less than half of the properties that went to auction in Australia were sold over the last week, according to Cotality figures. Analysts say clearance rates this low are rare and expect the property slump to continue.
Less than half of the properties that went to auction in Australia found a buyer over the last week, according to Cotality figures.
Analysts say clearance rates this low are rare. The weak results, measured in major cities including Brisbane, Sydney and Melbourne, point to a continued cooling in the property market.
Higher interest rates and pressure on affordability are prompting buyers to act cautiously. Analysts say clearance rates and price trends over the coming weeks will be decisive for the market's direction, as sellers weigh whether to hold or adjust expectations.
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