Australia's Property Market Shifts: Buyers Gain Upper Hand as Auction Clearance Falls

Australia's residential auction clearance rate dropped to 47.7% the week of June 21—the lowest since April 2020—handing buyers negotiating leverage. Below the 50% threshold, vendors are missing price targets; buyers either withdraw or secure post-auction discounts. The pressure stems from rising mortgage rates and surging supply in Sydney and Melbourne, tilting power away from sellers.