Property auction clearance rates hit COVID lows without the lockdowns

The combined capital city auction clearance rate fell to 47.4 per cent for the week ending 21 June 2026 — matching early-pandemic lows despite no physical disruption to auctions. Buyers are showing up; they're simply refusing to bid at sellers' reserve prices. More than half of properties are passing in or withdrawn, creating stock overhang that will need relisting or renegotiation.