Australian property auctions slump after intrest rate rise

Australian Auction Info
Sales slumped in key capitals over the weekend as nervous buyers opted to sit on their hands after last week’s interest rate rise.
Brisbane fared worst with an auction clearance rate on Saturday of 34.5 per cent, down from 43.1 per cent a week earlier, according to Australian Property Monitors, although this was on very low volume in a market dominated by private treaty sales.
“We expected a quieter than normal weekend after the rate rise,” said Peter McGrath, chairman of the Real Estate Institute of Queensland. “It normally takes a week or two for people to look at their finances again, and work out how much they can borrow.”
Mr McGrath said an auction clearance rate of 35 per cent — 10 of 29 properties offered were sold — was still a good result for the Brisbane market, though it was down on 52.9 per cent a year ago.

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