Australian Property Market Sees Deterioration, Low Auction Rates

Analysis by SQM Research revealed a big dip in properties selling this year. Of the 531,960 homes listed in the first six months, 258,550 remained unsold by August 26. Auction clearance rates have sunk to a three-month low, with less than half of last week's scheduled auctions resulting in a successful sale. Gerard Burg noted that selling is becoming harder and more expensive in current conditions.

The market deterioration is characterized by a decline in new listings as potential vendors assess a weak market and choose to wait for conditions to improve. Louis Christopher pointed out that while spring brought an increase in listings, the majority have remained on the market for up to six months without selling.