This week’s CoreLogic Property Market update

Preliminary clearance rate lower week-on-week as volumes increase across the capital cities.

The combined capital cities saw an increase in the number of homes taken to auction this week with a total of 1,985 auctions held, up from the week prior when 1,916 auctions took place.

The higher week-on-week activity returned a preliminary auction clearance of 55 per cent, which is lower than the previous week’s 55.3 per cent final clearance rate.

So far the Spring selling season has seen a lower volume of auctions take place each week relative to the same period last year, demonstrating the reluctance within a softening market, however the weighted average clearance rate has levelled out somewhat; remaining within the low-mid 50 per cent range since May. 

Given this week’s clearance rate is the lowest preliminary result seen so far this year, it will be interesting to see how this revises as final results are collected.

There were 991 Melbourne homes taken to auction this week, returning a preliminary clearance rate of 57.2 per cent.

Last week, 891 auctions were held across the city with a higher 60 per cent success rate.

While one year ago, a much higher 1,265 homes were taken to auction across the city returning a stronger 71.4 per cent clearance rate.

In Sydney, 52.6 per cent of properties sold this week, up from last week when the final result saw just over half of Sydney homes successful at auction (50.6 per cent).

There were a similar volume of auctions held this week compared to last, with 665 homes taken to market, up slightly from the 656 auctions last week as of final figures.

Last year, there were 916 Sydney homes taken to auction with 64.2 per cent clearing.

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