Auction clearance rates rise again after low not seen since Covid

Queensland’s auction clearance rates have bounced back to above 30 per cent over the weekend, improving after a low not seen since Covid-19. REA Group’s preliminary clearance rates for the state sit at 32 per cent, with 67 of 211 homes sold at, prior to or after auction. Brisbane’s clearance rates rose over the week after a low not seen since the Covid-19 pandemic, above 30 per cent once again. Ray White Queensland’s head of auctions Tom Gunness said the company’s results were just under 50 per cent, with more homes on the market than there were this time last year. “The market is responding positively to the RBA’s recent decision to hold interest rates, with a greater sense of ‘normality’ beginning to return to the decision-making of both buyers and sellers,” he said. “With more stock available to buyers, competition for individual properties can no longer be taken for granted … when momentum is no longer a given, it becomes our responsibility to create it.” Large crowds were seen at Ray White Collective’s in-room auction event, where more than $15m in property was sold. Ray White Collective’s in-room auction on Saturday had 11 homes sell under the hammer, with more than $15m sold...