Property auction clearance rates dropping nationwide | 7NEWS

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Auction clearance rates have fallen below 50% across Australia, with Sydney and Melbourne experiencing their weakest results since the COVID pandemic. The decline is attributed to multiple factors including three Reserve Bank interest rate increases, affordability constraints, and economic uncertainty from the Middle East conflict affecting energy prices. Research indicates a nationwide downturn in home values is likely, with historical data suggesting Australian property downturns typically last less than 12 months with peak-to-trough declines ranging from 3% to 8%.

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