Economic stress scares off Australian homebuyers as auction clearances fall

Australian homebuyers shied away from auctions as clearance rates fell to 50.4% in Sydney and 54.2% in Melbourne during the last week of March. Economic stress and falling consumer confidence have led vendors to sell privately or withdraw listings altogether. Sales in both cities dropped from nearly 30,000 in December to less than 20,000 in March.

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Summary by Glance · Original reporting by The Guardian Australia – News