Brisbane’s clearance rate at its lowest since the Covid-19 pandemic

Sales records are still being broken across Brisbane’s auctions, even with clearance rates lower than they’ve been since the Covid-19 pandemic. REA Group’s latest preliminary clearance rates found Brisbane sold around 29 per cent of homes scheduled for auction last week, with Queensland’s overall clearance rate at 28 per cent. This is REA Group’s lowest recorded result for Brisbane since the beginning of the pandemic, just underneath lows reached in 2022. Brisbane’s 29 per cent preliminary clearance rate was the lowest result for the city since the start of the Covid-19 pandemic, but one auction still managed to break a suburb record. The city’s eight week average now sits at 31 per cent, the lowest since 2020 outside of the January and December period. REA Group economist Luc Redman said interest rate rises and tax changes announced by the federal government led to fewer homes on the market. “However, demand for dwellings in Brisbane and southeast Queensland remains strong, driven by a shortage of supply,” he said. “The sentiment is that willing buyers can be more selective about the properties they are after, and their price expectations at auction remain lower than sellers’, cre...