Clearance rates hit six-year low as more than half of Australian homes up for auction fail to sell

Preliminary data show 47.7% of homes sold at auction in the week ending 21 June, the lowest rate has been since April 2020

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Clearance rates in Australia’s capital cities have fallen to a six-year low, with fewer than half of homes at auction finding buyers.

Preliminary data from Cotality shows 47.4% of homes that went to auction sold in the week ending Sunday 21 June. That figure is a weighted average encompassing different rates in different capitals, but the numbers are striking across the board.