Auction clearance rate slumps to 57% nationwide as interest rate hikes prompt Australians to sell
by Luca Ittimani from World news | The Guardian on (#74GJW)
Homebuyers lose confidence amid higher rates and Iran war-linked price rises across the economy, buyers agent says
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Surging numbers of homes are being passed in at auction as higher interest rates weigh on demand and the number of properties for sale hits highs not seen since 2021.
The national auction clearance rate last week was just under 57%, the lowest this year, with Sydney's at 55%, Cotality data shows. The remainder includes both houses that did not sell at auction and houses withdrawn before auction.
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