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Australia Auction Clearances Hit Three-Month Low as Rates Rise
Rising interest rates and policy changes cut buyer demand, with spring auction levels down 31% and the national preliminary clearance rate at 48.2%, Cotality said.
- Australia's preliminary auction clearance rate fell to 48.2% on Saturday, the lowest level in three months, according to housing data firm Cotality.
- The Reserve Bank raised interest rates to a 15-year high of 4.6%, while federal budget changes restricting negative gearing sent shock waves through the property sector this year.
- Data from SQM Research shows 276,000 homes remain unsold, a 21.6% annual increase, while distressed sales reached 4,872 in September, a 29% jump compared to last year.
- Ray White performance chief executive Thomas McGlynn said buyers and sellers struggle to agree on fair value as national house prices declined 1.1% and 5.2% from their pre-budget peak.
- Lawless said Australian households remain "deeply pessimistic" about the cost of living, as homes unsold for over 180 days clog the market, signaling sustained price pressure ahead.
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Coverage Details
Total News Sources8
Leaning Left4Leaning Right1Center2Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 29%
14%
Factuality
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