Clearance rates hit six-year low as more than half of Australian homes up for auction fail to sell (opens original article in a new tab)

Australia's auction clearance rates fell to a six-year low, with less than half of homes selling, as experts predict further declines due to weak market conditions and high interest rates.

• Clearance rates in Australia's capital cities hit a six-year low with 47.4% of homes sold at auction in the week ending 21 June
• Auction volumes are expected to decrease further due to weaker selling conditions and seasonal trends
• Reserve Bank kept interest rates at 4.35%, with concerns over high mortgage repayments and ongoing property price growth