Houses passed in at auction surge to 43% nationwide as interest rate hikes prompt Australians to sell

Homebuyers lose confidence amid higher rates and Iran war-linked price rises across the economy, buyers agent says Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Surging numbers of homes are being passed in at auction as higher interest rates weigh on demand and the number of properties…

Key takeaways

Quick scan — what you need to know:

• Homebuyers lose confidence amid higher rates and Iran war-linked price rises across the economy, buyers agent says Follow our Australia news live blog for latest updates Get our breaking news email…
• The national auction clearance rate last week was just under 57%, the lowest this year, with Sydney’s at 55%, Cotality data shows.
• The remainder includes both houses that did not sell at auction and houses withdrawn before auction.
• Continue reading...

Background

What led here, in plain terms:

• Homebuyers lose confidence amid higher rates and Iran war-linked price rises across the economy, buyers agent says Follow our Australia news live blog for latest updates Get our breaking news email,…
• The national auction clearance rate last week was just under 57%, the lowest this year, with Sydney’s at 55%, Cotality data shows.
• The remainder includes both houses that did not sell at auction and houses withdrawn before auction.
• Continue reading...

Why it matters

Why readers and decision-makers should care:

• Homebuyers lose confidence amid higher rates and Iran war-linked price rises across the economy, buyers agent says Follow our Australia news live blog for latest updates Get our breaking news email,…
• The national auction clearance rate last week was just under 57%, the lowest this year, with Sydney’s at 55%, Cotality data shows.
• The remainder includes both houses that did not sell at auction and houses withdrawn before auction.