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Australia Home Auction Clearances Hit 10-Week Low as Rate Hike Looms
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Australia Home Auction Clearances Hit 10-Week Low as Rate Hike Looms Australia’s auction clearance rate declined to a 10-week low as a long weekend in Melbourne and the threat of higher borrowing costs weighed on sentiment. In total, 1,428 homes were taken to auction in the nation’s capital cities last week, a 22.4% drop in activity from the previous seven days and 17.7% less than a year earlier, according to data from property researcher Cotality. The weighted average clearance rate was...
Australia Home Auction Clearances Hit 10-Week Low as Rate Hike Looms
Australia’s auction clearance rate declined to a 10-week low as a long weekend in Melbourne and the threat of higher borrowing costs weighed on sentiment.
In total, 1,428 homes were taken to auction in the nation’s capital cities last week, a 22.4% drop in activity from the previous seven days and 17.7% less than a year earlier, according to data from property researcher Cotality. The weighted average clearance rate was 50.3%, the firm’s Research Director Tim Lawless said.