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Auction Clearance Rates Suggest Further Drop In House Prices

AUSTRALIA

September auction clearance rates, based on Domain figures, rose for a second consecutive month to 58.9% (August 52.9%) but as it is still below the 60% breakeven rate, dwelling prices are still likely to fall further, as reported by the Sydney Morning Herald.

  • Domain noted that there are fewer sellers out there but that buyers are more cautious not just because of rising mortgage rates but also because they believe that prices will fall further. This attitude is likely to put further downward pressure on prices while it persists.
  • Sellers are apparently adjusting their expectations downwards too.
  • A pick up in clearance rates in September is to be expected due to the impact of spring on the housing market.
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