Broad-based correction across all cap cities as auction clearance rates below 50 per cent | ABC NEWS

Auction clearance rates fall to lowest level since the outbreak of COVID-19 in March 2020. Louis Christopher from SQM Research says it's not the depth of the falls, but the length of the falls. There have been weak auction clearance rates since mid-February with buyer and seller confidence very low. A combination of the Iran war, interest rate hikes and tax reform changes is to blame for the correction.

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