The capital city clearance rate had been holding below but close to 60% for 10 of the past 12 weeks, according to research firm Cotality. That pattern has broken decisively, with the preliminary rate dropping under 50% for the first time since the initial Covid disruptions.
Final numbers typically soften further once all auction results are collected, so the true clearance figure is likely even weaker.
Brisbane’s market is especially fragile, with only 33.3% of the 142 auctions held last week resulting in a sale. That compares with a 42% clearance rate one week earlier and 55.6% at the same time last year.
Sellers are not just failing at auction, many are bailing out before they get there. About 23.6% of scheduled auctions were withdrawn, adding to the bleak outcome.
Almost half of the homes that did sell changed hands before they reached the auction room, showing how jittery vendors have become.
