Interest rate rise has sudden impact- clearance rates at two year low

Melbourne and Sydney’s auction clearance rates are now sitting at nearly two year lows after last weekend’s lacklustre auction results, following the RBA’s interest rate hike to 4.75%. According to the Real Estate Institute of Victoria (REIV), clearance rates in Melbourne dropped almost 6 percentage points in one week and in the same week Sydney clearance rates dropped to 54.6%, according to Australian Property Monitors.