Auction clearance rates plunge to 40pc, lowest in years

Auction clearance rates are expected to sink to 40 per cent for last week, hitting pandemic-era lows, as three interest rate rises and the Albanese government’s proposed tax changes continue to rattle the market. The preliminary clearance rate dropped to 47.4 per cent across capital cities, after steadying at 60 per cent for 10 of the past 12 weeks. The last time the early auction clearance rate fell below 50 per cent was in the final week of April 2020.