Each week core logic releases a summary of the various property market indicators to give us an idea of what’s ahead for our real estate markets.
This week they report that…
Clearance rates have slipped below 70% for the first time in five weeks
There were less auctions held this week (2,253) compared to last week (2,701), and the clearance rate fell from 71.4 per cent last week to 68.1 per cent this week.
This week’s result marks the first week where the combined capital city clearance rate has fallen below the 70 per cent mark since the first week of auction reporting this year.
One year ago, the clearance rate over the corresponding week was stronger, with 74.5 per cent of reported auctions having sold.
At the same time last year, 1,705 capital city auctions were held, with volumes lower due to the Labour Day public holiday in Melbourne.