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Why is this being discussed?
The Australian housing market is experiencing a significant downturn, with auction clearance rates plummeting and interest rate hikes forcing homebuyers to sell. The national clearance rate dropped to just under 57%, the lowest this year, as higher rates and economic pressures lead to more homes being passed in at auction.
From theguardian.com: Auction clearance rate slumps to 57% nationwide as interest rate hikes prompt Australians to sell
The housing market is crashing as Aussies can't afford to buy anymore!

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