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Sydney sales were down $60 million from $172million recorded on the same weekend last year, while both Adelaide and Brisbane auction sales were less than a third of last year's.
"What's needed is major reform," he said. "We believe a broad-impact mortgage relief plan is crucial. Every Australian has the right to secure affordable housing and home ownership should be more achievable."
"The average first home buyer nationally has a mortgage repayment of $2799 a month," he said.
AUCTION results in every major city continued their disappointing run over the weekend.
Sydney sales were down $60 million from $172million recorded on the same weekend last year, while both Adelaide and Brisbane auction sales were less than a third of last year's.
In Sydney the clearance rate was 44 per cent, well down on last year's 66 per cent.
In Adelaide only $5million in property sold at auction, down from $19.4million for the same time last year. The clearance rate was only 39 per cent, down from 77 per cent.
In Brisbane $4million in property sold, down from $13.5 million last year. The clearance rate was an abysmal 23 per cent, down from 48 per cent last year.
In Melbourne the clearance rate was 64 per cent across 547 auctions, compared to 87 per cent across 642 auctions for the same time last year.
Chief Executive for the Real Estate Institute of Victoria Enzo Raimondo said the Melbourne market was standing up in contrast to other capitals, but interest rates were clearly have an effect.
There were fewer properties for sale, and almost nothing to rent, with the most recent rental statistics for central Melbourne showing a 0.3 per cent vacancy rate, the lowest on record.
Mates Rates Mortgages founder Michael Lee said consumer confidence in real estate had taken a rapid tumble across the country.
"What's needed is major reform," he said. "We believe a broad-impact mortgage relief plan is crucial. Every Australian has the right to secure affordable housing and home ownership should be more achievable."
Head of Australian Property Monitors Michael McNamara said first home buyers and investors were few in number and their absence had taken the wind out of the property market.
He said a joint survey released by the Commonwealth Bank and the Housing Industry Association, showing house mortgages taking a greater part of family incomes than ever before, pinpointed the problem.
"The average first home buyer nationally has a mortgage repayment of $2799 a month," he said.
Credit: John Stapleton
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