The national auction clearance rate in Australia has fallen below 50% for the ninth consecutive week, marking a sustained deterioration in residential property market sentiment.
This streak of sub-50% clearance figures represents the longest such period since the market downturn in 2018, signaling a deepening slump in buyer confidence across the country's major capitals.
The weakness is particularly pronounced in Sydney and Melbourne, where clearance rates have dropped to their lowest levels in more than five years.
The decline reflects a combination of persistent headwinds, including successive interest rate hikes that have increased borrowing costs and recent property tax changes that have further dampened demand.
These factors are converging to crush buyer appetite, with the drag now being felt most acutely in the cities' most affluent suburbs.
Handelsavisen analysis indicates that house prices in these premium segments are declining sharply, suggesting that the impact of monetary tightening is no longer confined to price-sensitive entry-level markets.