Australian auction clearance rates have collapsed to 2008 levels—Sydney 32%, Melbourne 37%, Brisbane 17%—signaling sustained market weakness and accelerating price declines of 9% in Sydney and 7% in Melbourne. This extends beyond Sydney-Melbourne into Brisbane, Perth, and Adelaide, driven by interest rate hikes, geopolitical fuel shocks, and May Budget tax reforms on capital gains and negative gearing. The core friction stems from widening gaps between vendor expectations and market reality rather than buyer absence, suggesting that accurate pricing and valuation tools will be critical to market recovery.
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