Australia Auction Clearance Rate Stays Below 50% as Brisbane Crashes to 23.8%

3 articles · Updated · ABC News · Jul 6

49.8% of Australian properties taken to auction sold last week, up marginally from 49.2% and marking a third straight week with national clearance rates below 50%.
Brisbane led the deterioration, with its clearance rate plunging to 23.8% from 39.3% a week earlier and far below 69.6% a year ago; Melbourne posted 54.5% and Sydney 51.6%.
Tim Lawless of Cotality said the weak results reflect a mismatch between buyer and seller expectations and signal a housing downturn likely to persist.
Interest-rate rises, affordability and serviceability strains, post-budget pullback from investors after negative-gearing changes, and rising listings are all suppressing demand and giving buyers more negotiating power.
June already recorded the biggest monthly fall in national housing values since 2022, though agents say well-located homes in the A$1 million to A$2 million range are still attracting competition.