Auctioneer Tom Panos called his latest day the worst of his 30-year career—zero bids on six properties, not a single bidder registered. Nationwide, auction clearance rates have plummeted, with over two-thirds of Brisbane auctions failing. Rising interest rates, looming hikes, and tax policy changes are crushing buyer and seller confidence. Sellers are pulling back, with Sydney homes often selling privately before hitting the auction block. A shocking 61% of Aussies actually want property prices to fall—many say they’d need a 20% drop to afford a home. The slowdown is hitting Sydney, Melbourne, and Brisbane hardest, but the whole market’s under pressure as inflation and economic uncertainty persist.
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