Auction clearance rates being pushed down to 49 per cent

Sky News Business Reporter Ed Boyd says buyer demand in the property market is being pushed down due to inflation and the cash rate increase.

“That’s starting to push down demand from buyers – they simply can’t borrow as much money as they could before,” he said.

“Also we are in the middle of winter, and winter is a typically slower point for the property market.”

He said auction clearance rates have been pushed down due to a range of factors, with the national clearance rate sitting at 49 per cent.

“Clearance rates below 50 per cent, we haven’t seen this … for a couple of years.”