Australian property market auction clearance rates plunge to pandemic-era lows
Updated
Updated · WAtoday · Apr 27
Australian property market auction clearance rates plunge to pandemic-era lows
10 articles · Updated · WAtoday · Apr 27
By April 18, Sydney fell to 37.9% and Melbourne to 43.7%, while Brisbane recorded 37% over Anzac weekend and many homes were withdrawn or passed in.
Rates below 60% typically signal falling prices, and Sydney home values are already down 0.6% in four weeks and 1.1% since November, with buyers regaining bargaining power.
Two Reserve Bank rate rises, sticky inflation and higher petrol prices have hurt confidence, while a hot March CPI reading could prompt another hike despite government housing supply and affordability measures.
Beyond interest rates, can Australia build its way out of a housing crisis decades in the making?
With tax reforms looming, is the era of Australian property as a guaranteed investment over?
Are government home-buying schemes actively fighting the Reserve Bank's efforts to control inflation?