Powered by MOMENTUM MEDIA
subscribe to our newsletter

Auction rates reveal a ‘softening trend’

CoreLogic’s rolling four-week average clearance rate for the nation is being driven down by Sydney’s final clearance rate drifting lower over the past two months.

According to the latest market update by CoreLogic, while auction clearance rates remain above the long-term average across the largest capital cities, the four-week average is showing signs of a “softening trend”.

“[This] can be attributed to Sydney’s final clearance rate drifting lower over the past two months, while the trend in Melbourne is holding firmer in the high 70 per cent range,” CoreLogic commented.

Further, preliminary results show that while Melbourne and Sydney maintain their place as the strongest auction markets, Adelaide and Brisbane have shown a rebound in the downwards clearance rate trend this week.

“This week’s combined capital city preliminary clearance rate is stronger than one year ago, when 67.7 per cent of capital city properties cleared, however auction volumes are lower than this time last year when 2,230 homes were taken to auction across the combined capitals,” CoreLogic said.

Advertisement
Advertisement

PROMOTED CONTENT


Last week (the week ending 7 May 2017), 1,662 capital city auctions were held, and preliminary results show that 1,365 auctions have been reported so far, with a preliminary clearance rate of 74.6 per cent, rising from a final clearance rate of 74.0 per cent the week prior across 2,350 auctions.

In Sydney in particular, auction clearance rates were recorded at 74.3 per cent from 811 auctions last week, compared to 72.4 per cent from 596 auctions over the previous week.

“Although Sydney auction clearance rates increased over the week they remain lower than the Easter long weekend and have nudged lower through April compared with clearance rates recorded through late February and March,” CoreLogic said.

[Related: Auction clearance rates slip]

Auction rates reveal a ‘softening trend’
mortgagebusiness

Latest News

The major bank will develop an integrated remediation plan on all activities related to risk governance and report to APRA each quarter as p...

The total value of new loan commitments for housing and the number of loans for the construction of new dwellings have reached record levels...

The recovery in Australian house prices continued in November, with CoreLogic stating that house values look set to surpass their pre-COVID ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: What’s being done to support home building?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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