The Sydney home auction market continues to slide, with skittish buyers increasingly sidelined by rises in interest rates.
Sydney reported its lowest clearance rate of the year on Saturday, with the market now tracking at its lowest levels since the spring of 2012. The 64.4 per cent weekend result was below the 65.1 per cent recorded the previous weekend and significantly below the 78.9 per cent reported during the same weekend in 2014.
The Sydney market is now on course to record clearance rates below 60 per cent this spring, which would be remarkable, considering the rate tracked near 90 per cent over May – just five months ago.
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