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‘Quite extraordinary’: Auction rate below 50pc for second week
The auction clearance rate has languished below 50 per cent for the second week in a row as listing volumes across the country track about a third lower than this time last year, even in the middle of the typically busy spring selling season.
Across the capital cities, the combined preliminary clearance rate was 48.8 per cent at the weekend, slightly higher than the 48.2 per cent recorded the week before, with 1781 homes going under the hammer – 31.2 per cent fewer than a year ago, according to Cotality research.
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Australia's house prices are falling. But will that make homes more affordable?
SBS acknowledges the Traditional Custodians of Country and their connections and continuous care for the skies, lands and waterways throughout Australia.
Australia's housing downturn is gathering pace, with prices now more than 5 per cent below their peak and forecasts pointing to further falls.
While that may seem like good news for first homebuyers, higher interest rates have done little to improve housing affordability so far. Four rate hikes this year have cut borrowing capacity by about 9 per cent, or $90,000, for a median-income household, according to data analytics company Cotality.
Homeowners and renters are also under pressure. According to Roy Morgan research, more than 32 per cent of borrowers are now at risk of mortgage stress — up 8.4 percentage points since January — while the rental market remains tight.
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