The national clearance rate in March was 68.3 per cent, down from 70.5 per cent the month before.Auction house prices dropped in Sydney, and grew only marginally in Melbourne.Australia’s national auction clearance rate slipped below 70 per cent in March in a sign of a cooling, more balanced property market where buyers have more choice.
Increased choice for buyers has forced sellers to meet the market, and as vendors have come to understand what is a realistic price for their properties now, the largest cities had a slight uptick in the clearance rate, but remained in weaker territory than last year. Sydney recorded a clearance rate of 67.6 per cent and Melbourne recorded 67.2 per cent .
Meanwhile, Canberra recorded a clearance rate of 78.9 per cent with its median auction price up 5.5 per cent to $1.15 million, an all-time high.Domain chief of research and economics, Nicola Powell, said auction markets were losing steam. “During the peak of the pandemic last winter, there was only one or two homes in the suburb you were interested in. You weren’t spoilt for choice. If you wanted a bigger home then and there, you had to pay the price.”
“The market can be quite unforgiving for any vendor with overly ambitious expectations. That’s what has brought [the clearance rate] down. The boom that was occurring was off the very low supply. That is no longer the case,” Mr Staver said.
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