Auction market hovers around record lows after budget tax changes

The national auction clearance rate is likely to fall below 50 per cent for the fifth week in a row as the federal budget’s tax changes continue to weigh heavily on buyers in the soft market. The preliminary clearance rate for the week ending June 14 is sitting at 54 per cent, although it will probably be revised to below 50 per cent once final sales figures are registered, according to Cotality.