National auction clearance rates have plummeted this week with new data showing a possible slump to below 50 per cent, marking nine weeks of persistently weak figures.<\/p>\n
The latest data from property analytics firm Cotality had the national preliminary auction clearance rate for the week ending July 19 at 50 per cent.<\/p>\n
The clearance rate was down from 54.8 per cent the week before, later revised to 48.5 per cent once finalised.<\/p>\n
The new national figure is expected to be revised to about 48 per cent.<\/p>\n
Deputy Liberal leader Jane Hume said the weakening housing market was a \u201cproblem of Labor\u2019s making\u201d.<\/p>\n
\u201cI’m not sure why we are surprised about this. This is Labor’s trifecta of failures,\u201d Senator Hume told Sky News.<\/p>\n
\u201cThey’re building fewer homes, rents are going up, and now we’re seeing a lack of certainty and confidence in the market, which of course will occur.\u201d<\/p>\n
The warning comes after Labor moved to limit negative gearing to new builds and properties purchased before budget night.<\/p>\n
Investors were also dealt a blow as the capital gains tax discount was scrapped and replaced with an inflation-adjusted model with a minimum 30 per cent rate.<\/p>\n
Ms Hume said fewer homes were being built and first home buyers were \u201cholding back\u201d so as not to fall into negative equity.<\/p>\n
\u201cThey don’t want to see themselves buy a house and then find out that it’s worth less than they bought it for just a couple of months later,\u201d she said.<\/p>\n
\u201cOf course, investors are holding back too, and that means that fewer houses are being built. This is a problem of Labor’s making, whether it was intentional or not, that remains to be seen.\u201d<\/p>\n
Alongside the Reserve Bank of Australia hiking the cash rate three times in 2026, Labor\u2019s tax changes are pushing vendors towards private sales as the risk of public auction failure rises.<\/p>\n
\u201cBut let’s face it, if you tax something more, you get less of it,\u201d Ms Hume said.<\/p>\n
\u201cThis is Labor’s budget, this is Labor’s economy, and unfortunately, this is Labor’s housing market, and it’s failing Australians.\u201d<\/p>\n
In Sydney, 444 auctions were recorded for the week ending July 19, with the local clearance rate falling sharply to 47.4 per cent from more than 50 per cent a fortnight ago.<\/p>\n
Melbourne\u2019s preliminary clearance rate rose slightly to 56.5 per cent, with 599 homes going under the hammer, from 56.2 per cent a week ago, which was revised down to 50.3 per cent on final numbers.<\/p>\n
Brisbane recorded a historic low in its preliminary clearance rate with only 35.9 per cent, down from 43.0 per cent a week ago, which was later revised down to 35.4 per cent once finalised.<\/p>\n","protected":false},"excerpt":{"rendered":"National auction clearance rates have plummeted this week with new data showing a possible slump to below 50…\n","protected":false},"author":2,"featured_media":558204,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[236057,236019,236014,23197,236068,236058,236043,236054,236034,9340,236067,236065,236025,236024,236064,236041,236061,236038,236028,236040,236052,236069,236035,236026,236074,236047,204066,236051,174418,210420,986,23133,236030,23244,5168,72,20147,236049,236013,150816,236029,82230,31068,236048,113,37429,236018,236044,236033,70473,807,2413,236063,61,2397,60,236017,236056,20449,236031,236032,1630,43565,24785,28151,236036,236084,236077,187195,204932,236075,236066,236078,236055,45135,236060,236027,236050,18376,19553,236073,19227,236037,236080,10360,44487,23260,159591,236071,30984,236012,236079,3872,236082,236072,236023,236045,236076,236021,236020,236081,236042,236039,236046,236083,236070,236015,236062,236016,236053,236022,236059],"class_list":["post-558203","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-s-making","tag-s-preliminary-clearance-rate","tag-s-tax-changes","tag-23197","tag-35-4","tag-43-0","tag-444-auctions","tag-47-4","tag-48-5","tag-9340","tag-50-3","tag-54-8","tag-56-2","tag-56-5","tag-599-homes","tag-a-blow","tag-a-fall","tag-a-fortnight","tag-a-historic-low","tag-a-house","tag-a-lack","tag-a-minimum-30","tag-a-possible-slump","tag-a-problem","tag-a-week","tag-about-48","tag-albanese","tag-an-inflation-adjusted-model","tag-andrew-henshaw","tag-auction-clearance-rates","tag-australia","tag-australians","tag-below-50","tag-brisbane","tag-budget","tag-business","tag-cent","tag-cent-rate","tag-certainty-and-confidence","tag-chalmers","tag-clearance","tag-coalition","tag-cotality","tag-deputy-liberal-leader-jane-hume","tag-economy","tag-failures","tag-fewer-homes","tag-fewer-houses","tag-final-numbers","tag-first-home-buyers","tag-housing","tag-housing-market","tag-hume","tag-ie","tag-investors","tag-ireland","tag-its-trifecta","tag-its-preliminary-clearance-rate","tag-jane-hume","tag-july-19","tag-just-a-couple","tag-labor","tag-making","tag-melbourne","tag-months","tag-more-than-50","tag-ms-hume","tag-national-auction-clearance-rates","tag-negative-equity","tag-negative-gearing","tag-new-builds-and-properties","tag-new-data","tag-newswire","tag-newswire-andrew-henshaw","tag-night","tag-nine-weeks","tag-only-35-9","tag-persistently-weak-figures","tag-picture","tag-pressure","tag-private-sales","tag-problem","tag-property-analytics-firm-cotality","tag-public-auction-failure","tag-rates","tag-rents","tag-reserve-bank-of-australia","tag-senator","tag-senator-hume","tag-sky-news","tag-snapp-am-agenda","tag-snapp-am-agenda-ms-hume","tag-sydney","tag-tax-attack","tag-the-capital-gains-tax-discount","tag-the-cash-rate","tag-the-clearance-rate","tag-the-hammer","tag-the-latest-data","tag-the-local-clearance-rate","tag-the-market","tag-the-national-preliminary-auction-clearance-rate","tag-the-new-national-figure","tag-the-reserve-bank","tag-the-risk","tag-the-warning","tag-the-weakening-housing-market","tag-the-week","tag-this-week","tag-three-times","tag-trifecta","tag-vendors"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/558203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=558203"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/558203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/558204"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=558203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=558203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=558203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}