Australian Auction Clearance Rate Rises Slightly to 49.8 Percent

Less than half of properties offered at auction across Australia sold last week. The preliminary national clearance rate reached 49.8 percent, up from 49.2 percent the prior week. Melbourne recorded the highest clearance rate at 54.5 percent. Sydney followed at 51.6 percent, Canberra at 50 percent, and Adelaide at 45.7 percent. Brisbane posted 23.8 percent, down from 39.3 percent the week before.

The same week last year, most capital cities recorded clearance rates between 63 percent and 70 percent. Brisbane's rate stood at 69.6 percent during that period. June produced the largest monthly decline in national housing values since 2022. The drop followed federal budget changes that limited negative gearing to new builds.

An executive research director at Cotality said the past three weeks have all shown clearance rates below 50 percent. The same official noted rising advertised listings have increased buyer choice and reduced urgency. A director at Property Buyers said changes to negative gearing and capital gains tax have reduced investor participation.

The chief executive for industry and policy at the Housing Industry Association said the current period offers prospective buyers a window while prices moderate.