Auction clearance rates have collapsed in three of Australia’s largest markets, after successive interest rate increases from the Reserve Bank. Listings were also down in Sydney, Melbourne and Adelaide.
Clearance rates in Sydney were down to 66.3 percent, according to Australian Property Monitors a fall on the previous weekend’s 69.4 per cent. Total auctions higher than this time last year, however the 506 listings in Sydney were lower than the previous weekend.
Melbourne showed a similar trend, with 836 auctions compared to 861 the previous weekend, with clearance rates also lower at 67.2 percent compared with 74.9 percent previously.