ACT house prices are 'flattening out' as auction clearance rates hit lowest level since 2020

Auction clearance rates in Canberra have dropped to their lowest level since 2020, and that, coupled with stalling growth in house prices, has led to predictions the ACT is reverting to a buyers' market.

CoreLogic data show Canberra's preliminary auction clearance rate fell to 51.2 per cent for the week ending July 3, its lowest point since April 2020.

CoreLogic head of research Tim Lawless said he expected clearance rates to continue falling.

"This is the third week over the past four weeks where clearance rates have been below the 60 per cent mark, and just going back to April earlier this year we were seeing clearance rates consistently around 70 per cent," he said.

Read More: https://www.abc.net.au/news/2022-07-05/act-house-prices-flattening-out-clearance-rates-low/101208382