Easter auction volumes fall to seven-year low

According to CoreLogic’s latest property market research, 378 homes were taken to auction across Australia’s combined capital cities over the past week, which the group said was the quietest since the same period in 2012.

CoreLogic has also reported a preliminary auction clearance rate of 49 per cent, down from 52.2 per cent over the previous week.

The majority of auctions were held in Sydney (213); however, volumes were down 64.8 per cent from the same period last year (598).

Sydney’s clearance rate also dropped, falling from 63.6 per cent to a preliminary clearance rate of 57.1 per cent.

Melbourne reported the second-highest auction volumes over the past week (48), down 94.7 per cent from the previous corresponding period (914).

The clearance rate also fell in Melbourne, form 63.6 per cent to a preliminary clearance rate of 59.1 per cent.

While less pronounced, auction volumes also slipped in Adelaide (114 to 42), Canberra (48 to 35), Brisbane (100 to 22) and Perth (30 to 18).

However, Adelaide reported the lowest preliminary clearance rate (16.7 per cent), closely followed by Perth (225 per cent), Brisbane (37.5 per cent) and Canberra (44 per cent).

The decline in auction volumes has been reported amid continued weakness in demand for housing credit, and against a backdrop of falling property prices.

[Related: Legislators cautioned as lodgements sink to six-year low]