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The number of dwellings approved in Australia fell by 3.2% in January, in trend terms, according to data released by the Australian Bureau of Statistics (ABS) on Monday.
Housing prices continued to track downwards in February, but the pace of decline eased slightly over the month compared to the previous two months, according to a recent report by CoreLogic.
The higher volumes last week saw the clearance rate dip below 50 per cent and it’s likely, as volumes increase, we will see clearance rates trend below this mark. Comparing results to one year ago, volumes are significantly lower than the 3,026 homes taken to auction over the same week in 2018.
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