‘Pretty much guaranteed’ Victorian auction pain to hit state budget

If re-elected, the Carroll government could be facing a hit to next year’s May budget if poor clearance rates and sales continue. Picture: NewsWire / David Geraghty. Victoria’s state budget has been tagged as a future victim of Melbourne’s struggling property market, with fears major changes to auction rules could worsen the situation. Yesterday the city recorded a 53 per cent clearance rate from 543 results reported by the afternoon. About 684 had been scheduled, 42 per cent below last year, while the clearance rate has been finalised at 46.5 per cent and a bit over 50 per cent in the past fortnight (including the weekend of the AFL Grand Final). RELATED: New Victorian auction and set-date laws, what sellers need to know Melb underquoting auction ban confusion hits Expert guide to navigate Victoria’s unpredictable spring market Next week the state’s new auction ban laws are in full force, requiring all home sellers who wish to sell via a set date or auction disclose their reserve price seven days in advance. REA Group data shows the first weekend with the new laws applying to all sales will be quiet, with just 551 homes slated for auction in Melbourne — about 52 per cent below the...