Australian Auction Clearance Rates Plummet Amidst Rate Hikes
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Insights by Echo AI
Australia's auction clearance rates have significantly dropped to near-yearly lows, with the most recent rate being the lowest in three months. This decline coincides with consecutive interest rate increases, which are tightening buyer budgets and slowing the property market. The number of unsold homes has also surged by over 20% in the past year.
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