This week’s CoreLogic Property Market update

Auction activity continues to trend lower through the winter season, with the preliminary auction clearance rate holding in the mid 50 per cent range.

There were 1,172 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 55.8 per cent.

Last week, 1,411 auctions were held and the final clearance rate was unchanged over the week at 52.6 per cent. Auction

Over the same week last year, auction volumes were higher with 1,627 homes going under the hammer across the combined capital cities, returning a success rate of 69.4 per cent.

The weighted average has remained within the low to mid 50 per cent range for 9 consecutive weeks now, and auction volumes have trended lower over each of the last 4 weeks.

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 60 per cent was recorded across 560 auctions this week, up from 56.1 per cent across a higher 631 auctions last week.

One year ago, the clearance rate was a stronger 74.9 per cent across 756 auctions.

There were 403 Sydney auctions this week returning a preliminary auction clearance rate of 52.4 per cent, compared to 50.1 per cent across 552 last week, and 69.2 per cent across 609 auctions one year ago.

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About

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


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