National auction clearance rates remain below 50%, according to Cotality's weekly auction results, with only Melbourne and Adelaide showing rates above that threshold. Treasurer Jim Chalmers addressed the softening housing market on Insiders, stating the government is not targeting a specific price or percentage decline.
Clearance rates by city
Cotality data reveals that clearance rates are languishing below 50% in most major capital cities. The highest clearance rate is in Adelaide at 68.7%, followed by Melbourne at 50.2%. The combined capital cities rate stands at 49.2%. The lowest clearance rates are in Canberra (39.5%) and Brisbane (39.3%).
Treasurer's comments on market softening
Asked whether a 10% drop in house prices would concern the government, Chalmers said Labor wasn't targeting “a particular price” or “a particular percentage” but it was right the market had softened, “though not uniformly”. He noted that house prices had already begun to soften before the budget, and the same is true of auction clearance rates. “There are a whole range of factors which go into house prices and auction clearance rates, interest rates, broader economic conditions, as well as tax settings,” Chalmers said. “The Treasury assumes that prices will continue to grow but a bit more slowly. And we see no reason at this point to change those assumptions.”
Market context
The national clearance rate below 50% indicates a buyer's market, with more properties passing in than selling under the hammer. This follows a period of rising interest rates and broader economic uncertainty. The data suggests that while some cities like Adelaide remain strong, others are experiencing significant weakness.
