<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Property sellers in Australia are facing another anxious week of auctions as the </span><a href="https://www.9news.com.au/national/fuel-crisis-australia-anthony-albanese-signs-fertiliser-deal-brunei/9482506f-3d2c-41b9-9f28-aa28d294cc91" rel="" target="_blank" title="economic fallout from the Iran wa"><span>economic fallout from the Iran wa</span></a><span>r continues to spook buyers about bidding.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Experts say prospective purchasers are playing a "waiting game" before bidding on a new home, leaving the vendors who must sell stranded.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Data from property research company Cotality shows across the combined capital cities the auction clearance rate is tracking below 60 per cent. It rose slightly from the Easter long weekend's 55 per cent to 57 per cent last week.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/stagflation-explained-meaning-causes-impacts-australian-economy/4c116f85-2f24-4d92-9c69-187661a21d5b" rel="" target="_blank" title="A central banker's nightmare': What is stagflation and what does it mean for the Australian economy?"><strong><span>A central banker's nightmare': What is stagflation and what does it mean for the Australian economy?</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><span>Sydney and Melbourne feeling impact</span></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The impact of falling buyer interest has been most markedly felt in the country's two biggest markets - Sydney and Melbourne.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Cotality Australia's head of research Gerard Burg says they are now "moving towards being buyer markets", with many vendors pulling their properties from auction, or delaying putting them under the hammer.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/iran-war-pushing-property-buyers-away-from-auctions/8f5f8a73-b6c0-461c-af56-6bb393c09ec0" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Current national clearance rates are at their lowest for 15 months, for outside quieter public holiday periods.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In Sydney and Melbourne last week they were 54 per cent and 57 per cent, respectively.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>About 2650 homes across Australia are scheduled for auction this week. Both Sydney and Melbourne have more than 1000 homes going under the hammer.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The unseasonal plunge in clearance rates comes after two consecutive interest rate hikes curtailed buyers' budgets. There are also worries a third may be on the cards when the Reserve Bank board meets to fix rates next month.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/real-unemployment-is-at-169-million-despite-record-job-high/73920bcb-4486-4dd5-9ef4-6c9220b2328f" rel="" target="_blank" title="'Real unemployment' is sitting at 1.69 million, despite record job high"><strong><span>'Real unemployment' is sitting at 1.69 million, despite record job high</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><span>Rates worry buyers</span></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It all adds to the economic fallout from the Iran conflict which has seen spikes in the cost of fuel and other essentials hammer household budgets.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Now the concern is approaching months may bring a winter of discontent for the property market instead of a mid-year revival.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Brett Sutton, a mortgage broker at Two Red Shoes in Sydney, says the weeks ahead look uncertain.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"What we're seeing is not a complete slowdown or stop to the market, but people being cautious," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But the prospect of a "subdued" winter for home sales across suburbs remains while the Iran war lasts, he says.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Another factor impacting sales is property investors pulling back amid reports about changes to the capital gains tax and negative gearing in next month's federal budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Those investors who are thinking of purchasing for capital gains reasons are probably sitting and watching now."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Industry experts say the fundamentals of the Australian property market remain strong, especially in many capital cities where demand outstrips supply. But they say vendors should be prepared to accept lower auction prices if they need to sell now.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><span>Other capitals look rosier</span></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Burg says the national outlook is less gloomy, with Perth and Brisbane the bright spots.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Properties in the WA capital are selling in a median time of nine days, while Brisbane homes go in about 17 days.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Adelaide has been the strongest performing of the smaller capital cities. Last week, the South Australian capital recorded an auction clearance rate of 70 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Looking ahead, Sutton says the Reserve Bank's policy on interest rates over coming months will have a big impact on buyer's spending power.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Static property prices and higher rates would create a perfect storm of barriers for anyone looking to purchase a home, he says.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It will be just that much harder to buy."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY:</span></strong></em><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><p><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727"><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1"><em><strong><span>Google Play</span></strong></em></a></p></li><li><p><em><strong><span>Make 9News your preferred source on Google by</span></strong></em><span> </span><a href="https://9.nine.com.au/8x987w"><em><strong><span>ticking this box here</span></strong></em></a></p></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Sign up to</span></strong></em><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine"><em><strong><span>our breaking newsletter here</span></strong></em></a></li></ul></div></div>