Melbourne’s auction clearance rate was 53.9% last month, its weakest since lockdown, as rising interest rates pushed property prices lower and more homes on the market gave buyers more choice heagney_melissa
Some owners withdraw their home from auction and list it for private sale.
Over the month of June 12.9 per cent of Melbourne auctions listed were withdrawn, Domain data shows, edging up from the 9.5 per cent reported in February. “Some of them get cold feet because of the rumours they hear [about the market] – they get the shivers,” Burke said.Even though homes were being withdrawn from auction, they were still selling, he said, as long as the price was reasonable.
“The fact rents are rising is giving some people a fallback option – I wouldn’t say there are heaps though,” he said.
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