Auction clearance rates up as the available housing stock falters
There are signs that the appetite for property is growing
There are signs that the appetite for property is growing
Auction clearance rates are up but the number of properties being put to market across Australia declined over the weekend, the latest data shows.
CoreLogic reports that of the 1,285 results recorded so far, 73.8 percent of properties were successfully sold nationally, the eighth week in a row clearance rates have been higher than 70 percent. It’s a dramatic improvement on this time last year when CoreLogic data shows the clearance rate was at 56.8 percent.
Preliminary clearance rates were particularly buoyant in Sydney (78.7 percent), while successful Melbourne auctions just breached the 70 percent point at 70.1 percent, its lowest preliminary result in 11 weeks.
Adelaide once again proved its market resilience, recording the highest preliminary auction clearance rate of 79.7 percent. Of the smaller capitals, Brisbane has seen the lowest preliminary clearance rate at 67.5 percent.
But while clearance rates continue to steadily climb, it’s a slightly different story with the numbers of properties being put to market. Melbourne saw a -15.5 percent fall in the properties set to go under the hammer last weekend, from 864 the previous week to 730. It was less dramatic in Sydney, with the number of homes available falling from 764 the week before to 763 over the weekend. It was a similar story in the smaller capitals, with only Canberra bucking the trend, offering 78 for auction, up by 26 from the previous week.
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