Powered by MOMENTUM MEDIA
subscribe to our newsletter

Auction clearance rates slip

After recording the strongest result since June 2015 in the last week of February, the preliminary auction clearance rate across the combined capital cities eased back in the week ending 5 March.

According to the CoreLogic Property Market Indicator summary, the clearance rate across the combined capital cities fell back last week, from 78.4 per cent to 77.8 per cent, based on preliminary results.

Further, the number of auctions held across the capitals last week was lower with 2,714 held, compared to 3,301 over the previous week, which was a record high.

“Over the corresponding week last year, both the combined capital city clearance rate and the number of auctions were lower, with 2,304 auctions held and 68.6 per cent reported as successful,” CoreLogic pointed out.

CoreLogic said that Sydney’s clearance rate (80.5 per cent) remained above 80 per cent for the fourth week in a row, and Melbourne (80.4 per cent) for the second week in a row.

Advertisement
Advertisement

Meanwhile, the remaining cities’ week-on-week results showed a fall in clearance rates, with the exception of Perth where results improved, and Tasmania, which remained unchanged over the week.

In Brisbane, the clearance rate fell from 63.6 per cent to 59.8 per cent week-on-week. Adelaide saw a drop from 76.3 per cent to 69.5 per cent, and Canberra from 77.3 per cent to 70.2 per cent.

The auction clearance rate in Perth rose from 21.4 per cent in the week ending 26 February to 36.4 per cent last week.

[Related: Auction volumes surpass 2,000 for first time in 2017]

Auction clearance rates slip

PROMOTED CONTENT


>According to the CoreLogic Property Market Indicator summary, the clearance rate across the combined capital cities fell back last week, from 78.4 per cent to 77.8 per cent, based on preliminary results.

Further, the number of auctions held across the capitals last week was lower with 2,714 held, compared to 3,301 over the previous week, which was a record high.

“Over the corresponding week last year, both the combined capital city clearance rate and the number of auctions were lower, with 2,304 auctions held and 68.6 per cent reported as successful,” CoreLogic pointed out.

CoreLogic said that Sydney’s clearance rate (80.5 per cent) remained above 80 per cent for the fourth week in a row, and Melbourne (80.4 per cent) for the second week in a row.

Meanwhile, the remaining cities’ week-on-week results showed a fall in clearance rates, with the exception of Perth where results improved, and Tasmania, which remained unchanged over the week.

In Brisbane, the clearance rate fell from 63.6 per cent to 59.8 per cent week-on-week. Adelaide saw a drop from 76.3 per cent to 69.5 per cent, and Canberra from 77.3 per cent to 70.2 per cent.

The auction clearance rate in Perth rose from 21.4 per cent in the week ending 26 February to 36.4 per cent last week.

[Related: Auction volumes surpass 2,000 for first time in 2017]

Auction clearance rates slip
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Latest News

OPINION: Debt-to-income ratio limits: do they help, or hinder? With the average property in Australian capital cities now over $700,000, l...

The Treasurer has met with regulators to discuss the housing market and consider whether “carefully targeted and timely adjustments” ...

The platform has become the first private sector exchange accredited under the ​​Trusted Digital Identity Framework. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.