Australian Auction Clearance Rates Hit Two-Year Low (Update)

Home auction rates sink to two-year lows

Update: Rates fell again (for the week ending Nov 7) for Sydney to 53.8% and Melbourne to 54.8%. Perth is at 16.7% and Brisbane at 29.2%.

Auction clearance rates in Australia's two biggest cities dropped to nearly two-year lows over the weekend after the Reserve Bank's surprise interest rate rise chilled buyers' demand.

Clearance rates in Melbourne, dropped to 61 per cent from 67 per cent the week before, according to the Real Estate Institute of Victoria (REIV). In Sydney, they fell to 54.6 per cent from the previous week 57.5 per cent, according to Fairfax-owned Australian Property Monitors (APM).