AUCTION RESULTS FAIL TO FIRE UP ACROSS AUSTRALIAN CAPITALS
National clearance rates drop below 60 percent for the first time since August, CoreLogic data shows
National clearance rates drop below 60 percent for the first time since August, CoreLogic data shows
It was a case of ‘one step forward, two steps back’ for auction results over the weekend, as public holidays and sporting events once again impact on real estate markets.
This time, tomorrow’s Melbourne Cup is the most likely dampener on clearance rates, which dropped below 60 percent for the first time since August, head of research at CoreLogic, Tim Lawless says.
Melbourne auction numbers were way down, with only 582 properties on the auction list, compared with 1,163 the previous week. Preliminary data suggests a clearance rate of 60.7 percent for the southern capital, although that figure is likely to be revised downward when all the figures are in.
The results in Sydney were stronger, both in the number of properties listed and those going successfully under the hammer. There were 762 homes put to auction in the Emerald City over the weekend, up from 632 the previous week. Of the data collected from 637 properties, results indicate a clearance rate of 62.3 percent, an improvement of 70 basis points from the previous week.
In the smaller capitals, clearance rates in Adelaide, where 154 properties were listed, continue to outdo the rest, with a 68.2 percent result, based on early data. The busiest of the smaller capitals, Brisbane, saw 218 homes listed for auction, with a clearance rate of 45.7 percent.
Although auction numbers are expected to increase week on week from now on, Mr Lawless points out that they are still considerably lower than this time last year.
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