Property auction clearance rates plunge below 60 percent across Australia's major cities

Australian property market correction accelerated as interest rate hikes and federal budget tax changes dampened demand. Auction clearance rates across major cities fell below the 60 percent benchmark for six of the last eight weeks, down from over 80 percent at the boom's peak in March 2021. Brisbane hit its lowest clearance rate since April 2023 at 45.7 percent.

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