‘Not a good thing’: Auction clearance rates reach lowest level in six years

Sky News Business Editor Ross Greenwood warns a decline in preliminary auction clearance rates will cause house prices to dive, posing a massive problem for the economy. “There's been a significant decline in the number of auctions going to the market which are successful,” Mr Greenwood told Sky News Australia. “That shows you that house prices right now are falling. “There is no doubt about that around Australia. “That is not a good thing for the confidence of Australians, the spending of Australians or indeed the Australian economy.”