The final data from CoreLogic shows the weak trends are continuing. Sydney’s final clearance rate dropped to 46.9 per cent last week across 408 auctions, the lowest clearance rate the city has seen since December 2012.
Last week saw 1,178 homes taken to auction across the combined capital cities, returning a clearance rate of 52.0 per cent after the previous week recorded a clearance rate of 52.6 per cent across 1,411 auctions. Over the same week last year, 1,627 homes were taken to auction and the clearance rate was a stronger 69.4 per cent.
Melbourne’s final clearance rate came in at 56.2 per cent across 559 auctions last week, similar to the previous week when 631 auctions were held and a clearance rate of 56.1 per cent was recorded. This time last year auction volumes were higher across the city with 756 homes going under the hammer returning a clearance rate of 74.9 per cent.
Sydney’s final clearance rate dropped to 46.9 per cent last week across 408 auctions, the lowest clearance rate the city has seen since December 2012. In comparison, 552 auctions were held across Sydney over the previous week returning a clearance rate of 50.1 per cent while this time last year, 609 homes went under the hammer, returning a clearance rate of 69.2 per cent.
Across the smaller auction markets, clearance rates improved everywhere except Brisbane. In terms of volumes, Adelaide was the only city to see an increase with an additional 8 homes taken to auction over the week.
Of the non-capital city markets, the Hunter region recorded a 70.6 per cent final auction clearance rate across 17 results, followed closely by Geelong where 70.4 per cent of the 27 auction results were successful.
Yes, TPTB will be scrambling soon with panic as the massive Yuan devaluation begins to send shockwaves through our economy, get ready for all hell to break loose if this escalates
Wonder if the NSW State Government and the Fed’s have worked out the impact on the NSW State Budget as I bet losing 50% of the income from Stamp Duty from residential sales is going to cause a number of issues or (Lower prices + lower sales) = drama.