Early results indicate any improvement to the national auction clearance rate over the week will be a small one after a bumper week of auctions across the country.
According to CoreLogic RP Data, the preliminary national clearance rate sits a 71.3% from 2,820 auctions, which only sits slightly above the previous week’s final result of 69.9% from 2,565 auctions.
Melbourne was the nation’s busiest market last week with 1,197 auctions, and the city’s preliminary clearance rate sits at 73.3%, compared to the previous week’s final result of 73.7%.
If there is no movement in the preliminary rate, it will be the city’s fourth worst result of the year.
Across Melbourne’s individual sub-regions, the strongest preliminary clearance rate this week was across the Outer East region at 81.8%, followed by the Inner South region where the preliminary clearance rate was 80%.
Sydney had similar volumes to Melbourne over last week, with 1,193 auctions held.
The city’s preliminary clearance rate sits at 74.2%, but Louis Christopher, head of SQM Research told the Australian Financial Review he believes it will fall closer to the previous week’s final result of 70.7% as more results are recorded.
Christopher also believes the results of this nature point to Sydney entering a slowdown, rather than a crash as others have claimed
“The market has slowed down in Sydney. Buyers are still there, but they are a little more cautious and there are more sellers,” Christopher told the Australian Financial Review
“We will see a slowdown in price growth in Sydney and Melbourne, but not as dramatic as some are saying. The market is still rising, but at 7 to 9% annually, instead of 15 to 20%,” Christopher said.
Last week, the strongest sub-region for clearance rates across Sydney was the Eastern Suburbs, with 89.8% of the reported results clearing at auction.
Brisbane’s preliminary clearance rate was 58.9%, compared to a final rate of 50% last week and 48.9% at the same time last year.
has so far reported a preliminary rate of 68.8%, while Canberra’s preliminary clearance rate sits at 50%.
’s clearance rate currently sits at 36.4%, while three sales have been recorded from 18 reported auctions in Tasmania.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
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