Property auction clearance rates climb after budget slump

Australian property auction clearance rates have risen above 50% this week, marking the highest point in seven weeks following the federal budget's impact on the market. However, fewer homes are being sold at auction compared to the same period last year, with an 8% drop in total volume driven primarily by Sydney's downturn. The top end of the property market is experiencing more rapid price deterioration, dropping over 3% month-on-month in Sydney, while the lower-priced segment targeting first home buyers remains more resilient due to higher competition.See omnystudio.com/listener for privacy information.