Source : Perth Now news
The auction clearance rate in Australia has dropped below 50 per cent for the third week in a row, as declining property prices continue to deter buyers.
The preliminary success rate hit came in this week at 49.8 per cent, according to data provider Cotality.
This is slightly up from 49.2 per cent the previous week, however, that figure was later revised down to 45 per cent once all results were counted.
Rising interest rates and the wider economy being strained and the government’s removal of tax breaks for property investors have all weighed on buyer confidence.
Property prices are now falling at a faster pace in Sydney and Melbourne, while growth is slowing in Perth, Brisbane, and Adelaide.
The typical winter slowdown has also further clouded the outlook, with auction listings dropping 17.2 per cent from the previous week and sitting 19 per cent below the same period last year.
