Housing Correction Deepens as Auctions Slide and Renters Face 30% Surge

56.5% — the combined capital city auction clearance rate last week, lifted only by smaller markets like Brisbane and Adelaide. Sydney softened to a preliminary 54% and Melbourne to 57%, both below the 60% threshold where prices typically fall.

Auction Market Pulse

The eastern coast auction engines are sputtering. In Melbourne, a renovated four-bedroom bungalow in Parkdale listed at $2.0m–$2.2m passed in without a single genuine bid — two buyers showed...