Australian Property Auctions Stagnate as Clearance Rates Languish

For the fifth consecutive week, fewer than half of all homes listed for auction in Australia’s major capital cities have successfully changed hands. The latest data from Cotality confirms a deepening market slump, with a combined clearance rate of just 45% highlighting persistent weakness across the nation’s primary real estate hubs.

Today, 06:56· Money Talk· 1,946 reads

Activity levels are retreating alongside buyer appetite. The 1,748 auctions recorded for the week ending June 28 represent a 14.5% decline compared to the same period last year. Of those listings, 662 properties failed to reach a reserve price, while 299 were withdrawn entirely, leaving roughly 55% of sellers without a completed transaction.

Sydney and Melbourne remain the epicenter of the downturn, bearing the brunt of the cooling demand. Sydney recorded 162 withdrawals, while Melbourne saw 327 properties passed in. Economists attribute the slide to a combination of higher interest rates and recent tax adjustments for investment properties, creating a bearish outlook for home values that could persist well into next year.

Australian Property Auctions Stagnate as Clearance Rates Languish

Comments (0)