How to sell under the hammer as Qld’s auction clearance rate tanks

601/57B Newstead Terrace, Newstead. A riverfront penthouse that belonged to a prominent Queensland businesswoman sold at auction in Brisbane over the weekend despite only one in five properties in the city selling under the hammer. Realestate.com.au data revealed the River City’s preliminary auction clearance rate was just 22 per cent, down from 30 per cent last weekend. Regional Queensland’s rate fell further to 18.9 per cent, down from 24.8 per cent. Realestate.com.au economist Luc Redman. “Brisbane and Queensland’s clearance rates remain subdued,” said realestate.com.au economist Luc Redman. “As the Queensland housing market continues to soften due to interest rates and tax changes, the clearance rate is likely to stay at a constrained level. “The RBA has a greater than 50 per cent chance of increasing the cash rate again in November, with clearance rates likely to remain low until sellers adjust down price expectations or demand returns.” The biggest sale under the hammer in Brisbane was a luxury unit that sold for $5.825m. The property belonged to renowned businesswoman the late Betty Byrne Henderson, who helped build the Byrne Ford car dealership empire with her husband Berni...