Overview
- Cotality’s preliminary national clearance rate rose slightly to 49.8 percent this week, marking the third consecutive week under 50 percent and signalling weak auction demand.
- An earlier preliminary figure was revised down to a 45 percent final clearance rate after all results were tallied, highlighting how preliminary counts can overstate sales.
- Analysts blame weaker demand on higher interest rates, recent falls in property values and the government’s tightening of investor tax settings, which has reduced investor participation.
- Auction listings have fallen sharply, with reporting noting a roughly 17 percent drop from the prior week and about 19 percent fewer listings than a year ago, driven by the seasonal winter slowdown.
- Price pressure is strongest in Sydney and Melbourne where declines have accelerated, while buyers face more negotiating power and some see a short window to enter the market as conditions settle.