This week’s CoreLogic Property Market update

Auction volumes and preliminary clearance rate bounces back after last weeks grand final slowdown. 

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Auction activity across the combined capital cities increased this week after last week’s grand final and public holiday slowdown, with 1,809 homes taken to auction, almost doubling from the 895 last week.

The higher volumes returned a preliminary auction clearance rate of 53.7 per cent, increasing on last week when the subdued activity returned a final auction clearance rate of 45.8 per cent; the lowest clearance rate seen since June 2012 (42.0 per cent).

Compared to one year ago, clearance rates and volumes continue to track lower with final results from the same week last year recording a 64.4 per cent clearance rate across 2,318 auctions.

Activity across Melbourne increased this week after last week saw volumes across the city plummet amidst the long weekend festivities, with 904 homes taken to auction this week, increasing significantly on last week when only 70 Melbourne homes were taken to auction.

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The higher volumes this week saw the preliminary clearance rate drop to 54.4 per cent, from the 57.7 per cent final clearance rate last week across the lower volumes.

Sydney returned a preliminary auction clearance of 53.5 per cent this week, improving on last week’s final auction clearance rate of 43.8 per cent, which was the lowest result the city has seen since December 08.

There were 606 Sydney homes taken to auction this week, virtually unchanged from the week prior (608).

Across the smaller auction markets, preliminary results show that Adelaide was the best performing in terms of clearance rate with a 66.1 per cent success rate across 62 auction results, followed closely by Canberra, where 63.9 per cent of the 61 reported auctions were successful.

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About

Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au


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