Auctions stall as rate rises shatter buyer confidence

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MELBOURNE’S property market has suffered its worst setback since the height of the financial crisis, with the auction clearance rate falling to 61 per cent yesterday.

The drop comes as the Reserve Bank of Australia lifted the cash interest rate by 0.25 per cent to 4.75 per cent this week, marking the seventh increase in just over a year.

The Commonwealth Bank of Australia also generated widespread outrage after nearly doubling the interest rate rise it passed on to consumers, who are now paying 7.81 per cent for a variable rate home loan.

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