This week’s CoreLogic Property Market update

Preliminary results show 59.1 per cent of capital city homes sell as volumes increase.

This week saw auction volumes increase across the combined capital cities, with 1,907 homes taken to auction returning a preliminary clearance rate of 59.1 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 within the low-mid 50 per cent range where it has been tracking for some time now.

Last week, a slightly lower 1,748 auctions were held and a final clearance rate of 55 per cent was recorded.

Compared to results over the same week last year, the auction market was performing quite differently, with a higher 66.9 per cent success rate, across a higher volume of auctions (2,258 auctions).

Results by property type show the unit market outperformed houses this week, with preliminary results showing 63.9 per cent of units sold, while houses came in with a lower 57.1 per cent success rate. 

However, as usual houses accounted for a much larger proportion of overall auctions.

In Melbourne, a preliminary auction clearance rate of 62.4 per cent was recorded across 894 auctions this week, up from 57 per cent across a lower 805 auctions last week.

One year ago, the clearance rate was a stronger 71.8 per cent across a significantly higher volume of auctions (1,111).

This week, there were 654 auctions held in Sydney, returning a preliminary auction clearance rate of 57.8 per cent.

Last week, there were 664 auctions held and the final auction clearance rate was 53.8 per cent, while one year ago, 826 Sydney homes went to auction and the clearance rate came in at 65.8 per cent.

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