"Australia's Housing Market Hits Rock Bottom: Clearance Rates Plummet to Six-Year Low Australia's capital cities are experiencing a severe slowdown in the housing market, with a staggering 47.4% of homes sold at auction failing to find buyers in the week ending June 21. This marks a six-year low in clearance rates, sparking concerns about the overall health of the market. The preliminary data from Cotality reveals a stark decline in buyer demand, with the weighted average clearance rate dipping below 50% for the first time since April 2020. As the country grapples with rising interest rates and economic uncertainty, the housing market is showing few signs of recovery, leaving many to wonder if the market has finally reached a tipping point."
Preliminary data show 47.7% of homes sold at auction in the week ending 21 June, the lowest rate has been since April 2020Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastClearance rates in Australia’s capital cities have fallen to a six-year low, with fewer than half of homes at auction finding buyers.Preliminary data from Cotality shows 47.4% of homes that went to auction sold in the week ending Sunday 21 June. That figure is a weighted average encompassing different rates in different capitals, but the numbers are striking across the board. Continue reading...
