‘Buyers, don’t rush’: Property expert tips market to get worse

A prominent property expert has warned the “dire straits” housing conditions are about to get worse with a flood of home listings expected to hit the market in coming weeks and a rate rise tipped in August. It comes as the number of homes selling under the hammer continues to slump, with the auction clearance rate in Queensland plummeting to just 26 per cent this week as market uncertainty continues to spook buyers. RELATED: Major bank says housing market now splitting in two ‘Great Australian Scam’: Two thirds of homes for sale without a price Brisbane’s auction clearance rate has slumped to its second lowest level this year. Of the 213 auction results obtained by PropTrack, only 41 properties sold at auction in the past week across the state, while 36 were withdrawn and 121 were passed in. The other states are holding up better, with the auction success rate sitting at 44 per cent in New South Wales and 51 per cent in Victoria. SQM Research founder Louis Christopher has told his social media followers that there was “100 per cent certainty listings are about to rise within the next two to three weeks”. “And 40 per cent (?) chance of another rate rise on the next RBA meeting.” SQM...