Clearance rate falls for third straight week

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Australia’s auction appetite seems to be slowing after the combined capital city clearance rate fell for the third straight week.

Analysis from CoreLogic RP Data shows the capital cities returned a combined clearance rate of 76.2%, down from the previous week’s 76.8%.

While it has been three weeks of falls, the clearance rate is still well above where it was this time last year when it sat at 67.2%.

Sydney was the nation’s largest auction market last week and returned a clearance rate of 81% from 765 auctions, down on the previous week’s 82%.

The Blue Mountains and Outer West were Sydney’s best performing sub-regions over the week, with all homes that went under the hammer selling, while the Inner West also performed strongly with a 90.1% clearance rate.

Last week saw Melbourne host 651 auctions and the Victorian capital returned a clearance rate of 78.2%.

The previous week saw the city post a clearance rate of 78.6% from 640 auctions.

Melbourne’ strongest performer for the week was the Outer East sub-region with a clearance rate 95.7%, the only sub-region to register a clearance rate of 90% or higher.

Brisbane saw a sharp week-on-week drop in its clearance rate, with it recording a rate of 53.6% last week compared to the 63.5% from the previous week.

Adelaide also saw a decrease, though not as marked as Brisbane’, with the it recording a clearance rate of 66% last week compared to 69.3% last week.

Perth saw a slight increase, with it recording a clearance rate of 23.1% last week compared to the 22.2% from the preceding week.

Canberra returned a clearance rate of 69.2%, while through of the four auctions in Tasmania were successful. 

 

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