Australia's housing market is experiencing rapid downward pressure because of global conflict and the federal budget, but the conditions are unlikely to benefit renters.
Just 51.1 per cent of homes auctioned across capital cities this weekend sold, compared with more than 60 per cent a year prior, according to Cotality data.
Brisbane had the lowest figures, at 31.9 per cent, while just under 53 per cent of homes under then hammer in Sydney sold.
The percentages are the lowest Australia has had in five years, as the economy is stretched by conflict in the Middle East and measures announced in the budget cause investors to leave the market.
While the market was already softening, incoming government changes to the capital gains tax discount and negative gearing have likely amplified the downturn.
