National Auction Clearance Rate Hits 10-Week Low Amid Rate Hike Fears

Australia's capital city auction clearance rate dropped to a 10-week low of 50.3%, with Melbourne's rate at 48.8% partly due to a long weekend. This signals a slowdown driven by rising borrowing costs and reduced buyer sentiment.

For the Melbourne western growth corridor, lower clearance rates suggest less competition at auctions, potentially benefiting buyers seeking properties and providing more opportunities for conditional offers.