Worst news for Aussie owners as auction clearance rates tank
Worst news for Aussie owners as auction clearance rates tank
#australia #cgt #housing #negativegearing #economy
Read more ► [https://www.news.com.au/86382bb7553fbb2187c571d833ce9ee9/ ]
Auction clearance rates have plummeted to their lowest level in six years, as high interest rates and property tax changes spook home buyers and leave sellers in the cold.
It comes as national house price growth flatlined in May, with a monthly increase of precisely 0 per cent, according to Cotality figures released on Sunday.
The national figure was weighed down by Sydney and Melbourne prices, which fell 0.9 per cent and 0.8 per cent respectively over the past month.
The stalling of national dwelling prices is an ominous sign for vendors and lends weight to forecasts from a growing number of economists that Australia’s housing market is heading for its sharpest correction in decades.
At the weekend, the auction clearance for the combined capital cities was 54.5 per cent, the lowest rate since April 2020, according to The Block auctioneer and real estate coach Tom Panos.
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