The cooling of Australia’s property market has been illustrated by auction results from the 2015 December quarter.
According to research from CoreLogic RP Data, auction volumes rose 15% over the quarter as the average clearance rate across Australia's capital cities fell to 62.1% compared to 73.4% over the September quarter.
The December quarter’s average capital city clearance rate is Australia’s lowest since 2012.
Tim Lawless, research head at CoreLogic RP Data, said the weakened clearance rate had been driven by results in Sydney, as the harbour city saw its average clearance rate fall below 60%.
“The final results for the year further indicate that much of the overall weakness across the auction market can be attributed to the weakening performance across Sydney’s auction market where the clearance rate averaged 59.8% over the quarter compared with a more resilient result of 67.8% in Melbourne,” Lawless said.
“Despite the lower capital cities clearance rate, on a city-by-city basis, Adelaide
, Brisbane, Canberra and Melbourne all recorded a higher clearance rate in the December 2015 quarter, relative to the same period one year ago, albeit only slightly in some cities,” he said.
Across the quarter, Melbourne was home to the suburb with the highest individual clearance rate, with Hoppers Crossing in the city’s south west returning an average clearance rate of 97.5% for the three-month period.
Drummoyne, in Sydney’s inner west was the next best performer, with an average clearance rate of 89.4%.
Of the larger regional markets, Victoria’s Geelong was the best performer with an average clearance rate of 64.2% over the quarter.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
st kilda west
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out