Melbourne<\/a>, meanwhile, recorded a 37.7 per cent clearance rate, down from 43.1 per cent the week before.<\/p>\n \u201cSydney absolutely smashed to its weakest result since December 2018, which was during a period of significant price falls. Melbourne also hit extremely hard, producing the weakest (non-Xmas or public holiday) performance since a lock-down hit September 2021. If these numbers continues both markets are in serious trouble,\u201d he said.<\/p>\n Melbourne has recorded a clearance rate under 60 per cent for five weeks in a row, according to PropTrack auction data.<\/p>\n Fewer homes are selling at auction as clearance rates in Sydney and Melbourne take a hit. Picture: Sam Ruttyn<\/p>\n PropTrack\u2019s preliminary figures suggest NSW recorded a clearance rate of 45 per cent, while Victoria\u2019s sits higher at 51 per cent.<\/p>\n SQM Research director Louis Christopher said clearance rate figures for April are on track to be the lowest results recorded since 2020.<\/p>\n \u201cBuyers are quite spooked at the moment about the economy and the forward direction of interest rates, what\u2019s going on with the Iranian War and where that could lead to in terms of further economic deterioration,\u201d he said. <\/p>\n \u201cIt obviously has created a lot of uncertainty in the marketplace, not just in the housing market but in the equities market as well.\u201d<\/p>\n MORE: Ex-ABC boss buys new $10m Sydney home<\/a><\/p>\n Buyer confidence is the lowest in Sydney, according to Mr Christopher. Picture: iStock<\/p>\n Mr Christopher said the situation for buyers would remain uncertain until the next Reserve Bank of Australia meeting in May. <\/p>\n \u201cThe RBA will be made to show its hand a bit more in the May meeting,\u201d Mr Christopher said. <\/p>\n \u201cThen we\u2019ll have a better understanding in terms of what the Reserve Bank regards to be more important: is it to get on top of inflation or is it financial stability and full employment?<\/p>\n \u201cThey\u2019re going to have to make some hard decisions soon.\u201d<\/p>\n According to Mr Christopher, Sydney is \u201cdefinitely the market experiencing the most buyer uncertainty\u201d.<\/p>\n MORE: Booming Sydney suburbs bucking price shock trend<\/a><\/p>\n Victoria\u2019s auction market is having its toughest run since 2024. Picture: Asanka Ratnayake\/Getty Images<\/p>\n Beyond Sydney and Melbourne, Ray White chief economist Nerida Conisbee said other capitals may be seeing changes for the better. <\/p>\n \u201cThere were signs of improvement in some markets, with Brisbane and Adelaide recording higher attendance levels, suggesting buyer engagement remains solid in these areas,\u201d she said. <\/p>\n According to PropTrack, South Australia recorded a clearance rate of 65 per cent last week, while QLD\u2019s sat at just 38 per cent. <\/p>\n Among Ray White\u2019s auctions, Ms Conisbee said average active bidders remained stable at 2.4 per auction. <\/p>\n \u201cOpen home attendance held steady at 2.4 attendees per property nationally, broadly in line with last week,\u201d she added.<\/p>\n \u201cAuction volumes were lower, with 563 properties scheduled nationally, compared with 987 at the same time last year.\u201d<\/p>\n<\/p>\n
<\/p>\n
<\/p>\n