‘Like a plague’: Melbourne sellers face subdued auctions ahead of rate call

Melbourne’s auction market is tipped to have barely half of its 440 auctions end with a sale this week. Melbourne’s housing market has been tipped to struggle through another weak weekend of auction action amid expectations of an interest rate hike next week. The city is slated to host just 440 auctions for the pseudo-long weekend ahead of the Melbourne Cup on Tuesday, a fraction of the 1000-plus normally expected on a spring weekend — though only down by 5 per cent from the same weekend a year prior. Market watchers are anticipating about half that number, barely a few hundred, will secure a sale with the Reserve Bank’s next rate decision to be made on Tuesday. RELATED: Inflation raises RBA hike risk, threatens worst housing slump since 1987 Former Carlton boss Luke Sayers lists $12m East Melbourne pad ‘Rough’ Melbourne suburb tipped to boom REA Group chief economist Angus Moore said Melbourne would go into the weekend with clearance rates having already been “pretty soft”, mostly hovering in the mid 50 per cent range since March. “And I think a rate hike looks very likely at this stage, given where inflation is at and given the RBA has been pretty clear with their concerns about ...