Australia's home auction clearance rate slipped below 50% for a second straight
week after the Reserve Bank of Australia raised rates to a 15-year high,
weighing on buyer demand. Cotality data show 1,781 properties went to auction
across six state capitals last week, with a 48.8% clearance rate versus 45.4%
the prior week. National house prices in September fell back to year-ago levels;
higher borrowing costs and May budget tax changes that limit investor
concessions have damped demand. Sydney prices are down nearly 9% from the
February peak. Auctions, common in Sydney and Melbourne, normally see lower
clearance rates in downturns as seller price expectations diverge from market
levels.
