More evidence of a slowing property market as auction clearance rates continue to fall.
There were 2,089 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 60.3 per cent. Last week, 2,279 auctions were held and the final clearance rate dropped to 58.2 per cent, the lowest clearance rate seen since December 2015 so it will be interesting to see what happens as the final result are collected early next week. Over the same week last year, auction volumes were higher with 2,824 homes going under the hammer across the combined capital cities, returning a clearance rate of 73.1 per cent.
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 64.2 per cent was recorded across 1,028 auctions this week, up from 59.8 per cent across 1,099 auctions last week, the lowest clearance rate the city has seen since Easter 2014. One year ago, the clearance rate was a stronger 77.9 per cent across 1,326 auctions.
There were 669 auctions held in Sydney this week returning a preliminary auction clearance rate of 60.8 per cent, compared to 57.5 per cent across 787 last week, and 74.0 per cent across 1,075 auctions one year ago.
Across the smaller auction markets, preliminary results show that Canberra was the best performing in terms of clearance rate with a 66.2 per cent success rate across 79 auctions.
