The auction clearance rate just stopped falling. Will property prices follow?

 Cautious home buyers are holding back at auction as interest rates jump and the cost of living rises, and new figures show just over half the auctions scheduled in August sold.

Despite a modest increase in the auction clearance rate last month as sellers reduced their expectations, fewer than 60 per cent of homes scheduled for auction sold under the hammer. A result below this threshold – the level considered a “balanced market” – points to further price falls ahead.

Sydney’s auction clearance rate was 53.8 per cent in August, ticking up from 49.2 per cent in July, Domain figures show.

In Melbourne, August’s clearance rate was 56.5 per cent, up from 51.1 per cent the month before.

Read More: https://www.smh.com.au/property/news/the-auction-clearance-rate-just-stopped-falling-will-property-prices-follow-20220905-p5bfim.html




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