According to CoreLogic’s latest result, for the sixth consecutive week, the nation’s combined capitals have registered a preliminary clearance rate of below 60 per cent.
A 2.4 per cent increase in auction activity, which saw 1,667 homes go under the hammer nationwide, was not enough to stop this slide. So far, the combined capitals are reporting a preliminary clearance rate of 56.4 per cent from 1,285 results.
This represents a 2.2 per cent drop in preliminary clearance rate from the previous week.
Melbourne retained its place as the busiest capital city this past week, with the Victorian capital hosting 656 auctions. With 538 results collected so far, the city is reporting a preliminary clearance rate of 55.4 per cent - a 3.8 per cent decline on the week prior.
The city’s north-east was its strongest performing sub-region, registering a 71.1 per cent preliminary clearance rate from 85 total auctions, while Melbourne’s west was its weakest, with just 43.4 per cent of the 89 auctions returning a positive result.
In Sydney, there were 639 auctions throughout the week, a 5.6 per cent rise on the previous week. So far, there have been 506 results reported, with 56.9 per cent reporting a positive outcome, while a further 25.9 per cent were withdrawn from auction.
The inner south-west, with a 68.3 per cent preliminary clearance rate from 79 auctions, was the harbour city’s top performing sub-region. Meanwhile, Parramatta, with 44.2 per cent of the 58 auctions ending positively, had the poorest results.
Throughout the smaller capital cities 69.7 per cent of Adelaide’s auctions registered a successful result, a 1.1 per cent rise on the previous week. Similarly, Brisbane, the busiest of them all with 155 auctions, saw a 1.2 per cent increase in preliminary clearance rate to 44.8 per cent.
A slight 4.1 per cent drop in preliminary clearance rates saw 64.5 per cent of the 84 auctions held in the national capital, Canberra, find buyers under the hammer.
It was a different story in Perth, which netted just one successful result from the nine auctions collected so far.
No auctions were held in Tasmania.
Recent data released by SQM Research reported that, over June, distressed listings across the country increased by 4.5 per cent month-on-month.
NSW experienced the largest number of quick sales over the first month of winter at 10.3 per cent, followed by Victoria at 6.2 per cent.
Figures released by PropTrack also note the number of listings in June was its highest for the month in over 10 years.