Warning bells sound as auction market slumps to weakest level since the pandemic
Preliminary auction clearance rates have fallen to their lowest level since the height of the pandemic as weakening prices, rising interest rates and collapsing buyer confidence weigh heavily on Australia’s largest housing markets.
The sun has seemingly set on the Melbourne property market for now, as the Victorian capital and Sydney drag national property prices and auction clearance rates lower. (Image source: Andrey Bayda/Shutterstock.com)
Australia’s housing downturn is becoming increasingly difficult to ignore, with new data showing auction markets have slumped to their weakest position since the early stages of the COVID-19 pandemic.
Confidence has taken a hit across much of the country, although notable exceptions remain in Perth, Brisbane, Hobart and several regional markets. Affordability constraints, the Federal Budget’s proposed housing tax reforms, rising interest rates
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