This week’s CoreLogic Property Market update

Auction activity lower over first weekend of Spring with 1,752 homes taken to auction.

The first weekend of Spring saw a total of 1,752 capital city auctions, a decrease on last week’s 1,915 auctions held and lower than over the same week last year when 2,074 homes went to auction. 

Although volumes are lower over the week, this is consistent with previous years where the Spring selling season really didn’t kick off until late September.

However with a very different market at present; particularly relative to last year, it’s likely vendors will remain reluctant as property values continue to decline and volumes continue to track somewhat lower each week when compared to recent years.

The lower week-on-week volumes returned a preliminary auction clearance rate of 58.2 per cent, up on the 54.6 per cent final clearance rate over the week prior.

As results are collected throughout the week the final clearance rate will likely revise lower; remaining in the low-mid 50 per cent range, where the weighted average has been tracking each week since May. 

Melbourne was host to 810 auctions over the week, returning a preliminary clearance rate of 59.1 per cent, compared to last week when 56.5 per cent of the 899 auctions cleared.

One year ago, there were 976 auctions held in Melbourne, returning a much higher clearance rate of 71.3 per cent.

There were 662 auctions held in Sydney this week returning a preliminary auction clearance rate of 58.6 per cent.

In comparison, last week there were 721 auctions held with just over half successful (53.2 per cent), while this time last year, 65.5 per cent of the 779 auctions held were successful.

About Cameron Kusher Cameron Kusher is Corelogic RP Data’s senior research analyst. Cameron has a thorough understanding of the fundamentals such as demographics, trends & economics. Visit www.corelogic.com.au