Auction rates sink to two year lows

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Auction clearance rates in Australia’s two biggest cities drop to nearly two-year lows after the RBA’s surprise interest rate rise chills demand.

Auction clearance rates in Australia’s two biggest cities dropped to nearly two-year lows over the weekend after the Reserve Bank’s surprise interest rate rise chilled buyers’ demand.

Clearance rates in Melbourne, dropped to 61 per cent from 67 per cent the week before, according to the Real Estate Institute of Victoria (REIV).

In Sydney, they fell to 54.6 per cent from the previous week 57.5 per cent, according to Fairfax-owned Australian Property Monitors (APM).

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