{"id":766875,"date":"2026-06-29T02:25:14","date_gmt":"2026-06-29T02:25:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/766875\/"},"modified":"2026-06-29T02:25:14","modified_gmt":"2026-06-29T02:25:14","slug":"property-market-auction-rates-hit-historic-lows-as-wary-buyers-shun-sales","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/766875\/","title":{"rendered":"Property market: Auction rates hit historic lows as wary buyers shun sales"},"content":{"rendered":"

Property auction<\/a> sales have again plunged around the country, with the latest data showing Sydney\u2019s clearance rate hitting its lowest level in six years.<\/p>\n

The new numbers from analyst Cotality suggested a final clearance rate for the week close to 40 per cent in the country\u2019s capital cities, down from the 49.2 per cent preliminary clearance rate. <\/p>\n

\"For<\/p>\n

Auction clearance rates dropped to historically low rates around the country.\u00a0iStock<\/p>\n

\u201cLess than half of\u00a0homes around the country that went\u00a0up for auction over the weekend\u00a0actually sold,\u201d the Australian Financial Review economics editor John Kehoe told Today.<\/p>\n

\u201cIt\u2019s important to\u00a0say that\u2019ll actually be revised\u00a0lower as more failed sales are\u00a0reported over the coming days as\u00a0well. So it\u2019ll be down around 40 per cent\u00a0based on last week\u2019s results as\u00a0well.\u201d<\/p>\n

Other data backs this up, with Domain\u2019s weekly sales figures from Saturday showing significant falls on last year.<\/p>\n

On June 27, Domain showed a national preliminary clearance rate for the past week of 51 per cent, down from 67 per cent from this time in 2025.<\/p>\n

Sydney<\/a> dropped to a 49 per cent clearance rate from 67 per cent last year, while Melbourne<\/a> had a 55 per cent clearance rate compared to 70 per cent in 2025.<\/p>\n

Brisbane<\/a> fell to 40 per cent from 53 per cent, while Adelaide<\/a> dropped to 49 per cent from 64 per cent.<\/p>\n

Canberra<\/a> recorded the smallest fall, down to 48 per cent from 52 per cent last year.<\/p>\n

Median prices in Sydney for both houses and units remained over $1 million apiece.<\/p>\n

The national house median price was just over $1.13 million, while the median national unit price was $875,000.<\/p>\n

Keogh said the government\u2019s tax changes were the \u201ccherry on top\u201d of what had been an already-cooling market, with some investors wary of splashing more money on the back of multiple interest rate<\/a> rises.<\/p>\n

\u201cI think first\u00a0buyers and other buyers are also\u00a0sensing because prices are now\u00a0falling, they can actually just hang\u00a0back a little bit and maybe look to\u00a0purchase later,\u201d he said.<\/p>\n

\u201cAnd at the same\u00a0time, sellers really haven\u2019t\u00a0readjusted their price expectations.\u201d<\/p>\n

Health Minister Mark Butler claimed real estate agents had said more would-be first-home buyers had been present at the weekend\u2019s auctions than had been seen in a long time.<\/p>\n

\u201cYou\u2019ve\u00a0got to remember the war in Iran led\u00a0to the biggest hit on consumer\u00a0confidence in 50 years,\u201d he said.<\/p>\n

\"West<\/p>\n

The government says more first home buyers are bidding at auctions.\u00a0Getty<\/p>\n

\u201cAfter a\u00a0wave after wave of pressure that we\u2019ve\u00a0seen from the pandemic through to\u00a0the war in Ukraine, now to the war\u00a0in Iran, people are very cautious\u00a0about their household finances.<\/p>\n

\u201cOf\u00a0course, the budget\u2019s<\/a> probably had\u00a0an impact. But look, it\u2019s only a\u00a0few weeks since then.\u201d<\/p>\n

He said the government remained focused on getting younger Australians a firmer foothold in the housing market.<\/p>\n","protected":false},"excerpt":{"rendered":"Property auction sales have again plunged around the country, with the latest data showing Sydney\u2019s clearance rate hitting…\n","protected":false},"author":2,"featured_media":766876,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-766875","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/766875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=766875"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/766875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/766876"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=766875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=766875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=766875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}