Clearance rates hit six-year low as more than half of Australian homes up for auction fail to sell

Australian housing auction markets weakened sharply, with preliminary Cotality data showing just 47.7% of homes sold at auction in the week to 21 June, the lowest clearance rate since April 2020. Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra all posted soft results, and nearly 24% of scheduled auctions were withdrawn. The article links the slump to weaker selling conditions and the Reserve Bank’s decision to keep rates at 4.35%, which continues to pressure mortgage holders. It also comes as parliament prepares to debate changes to capital gains tax discounts and negative gearing, adding policy uncertainty to the housing outlook. The market backdrop suggests further softening in auction volumes and potentially slower house-price growth, with implications for consumer sentiment and broader Australian economic activity.