This week’s CoreLogic Property Market update

Auction clearance rates cool over the first week of Winter, remaining below 60 per cent for the fourth consecutive week.

The first week of Winter sees auction volumes remain steady across the combined capital cities, with 2,272 homes taken to auction returning a preliminary clearance rate of 57.6 per cent. 

While the preliminary clearance rate shows a week-on-week improvement, it’s likely that as final results are collected the weighted average will fall to remain at a similar, if not lower level than recorded last week.

Over the past month, weekly results have seen the combined capital city clearance rate progressively weaken, with last week returning the lowest clearance rates since early 2013 with only 56.2 per cent of homes successful at auction.

Auction volumes however have remained at relatively consistent levels over each week with 2,297 held last week.

Compared to results over the same week last year, the auction market was performing quite differently, with a much higher 69.8 per cent of homes selling last year (2,578 auctions), however it did mark the first week where clearance rates commenced their downward trend as market conditions declined over the last 12 months.

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