Under the hammer: ‘Brisbane experienced a particularly difficult week’

The crowd at 10 Stephens Street, Annerley over the weekend. Brisbane’s auction clearance is the worst in the country, plummeting to just 16 per cent this week as buyers prepare for a predicted interest rate rise on Tuesday. Realestate.com.au data revealed the River City’s preliminary auction clearance rate was down from 22 per cent last weekend. It comes as realestate.com.au data shows the relentless property downturn has stripped more than $62,000 from the typical Brisbane home to leave the median dwelling value at $1,014,000. Ray White data revealed Brisbane’s preliminary auction clearance rate was 16.2 per cent this week. Ray White CEO performance and value Thomas McGlynn said nationally, the group’s clearance rate fell to 35.4 per cent off the back of a 17 per cent increase in scheduled auctions. “Brisbane experienced a particularly difficult week, with clearance falling to 16.2 per cent as auction volumes increased by more than 50 per cent,” Mr McGlynn said. “Sydney and Melbourne were more encouraging, with clearance rates improving to 53.8 per cent and 48.8 per cent respectively. Adelaide recorded a 34 per cent clearance rate while Perth recorded 25 per cent. “These differenc...