Australia's home auction clearance rate falls to a six-year low

Australian home auction clearance rates have fallen to a six-year low, with Melbourne's public holiday and expectations of interest rate hikes weighing on the country's residential property market. Preliminary data from property research firm Cotality showed that 1,735 homes were put up for auction across Australia's major capital cities in the past week, down 7.3% from the previous week and 17.7% from the same period last year. In Melbourne, auction listings fell 38% week-on-week due to the Melbourne Cup horse racing day and public holiday on Tuesday, offsetting growth in auction volumes in Sydney and other capital cities.