Auction market records subdued results

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There were 803 homes taken to market across the combined capital cities this week, with a preliminary auction clearance rate of 51.3%.

Results were lower than last week’s 1,161 auction volumes and final auction clearance rate of 58%.

One year ago, 904 homes were taken to auction returning a final clearance rate of 53.8%.

The lower weighted average could partly be due to weaker results across the smaller capital cities with all returning preliminary clearance rates below 50%, according to CoreLogic.

Melbourne and Sydney preliminary clearance rates, meanwhile, came in at 64.7% and 62.8%, respectively.

Victoria's capital recorded 216 auction volumes this week, substantially lower than the 730 auctions held last week when 61.6% sold.

New South Wales' capital registered a total of 310 auctions— down on last week when 677 homes were taken to auction and 61.8% cleared as of final figures.

"As more auction results flow through, we could see the final clearance rate drifting below the 60% mark across the two largest auction markets," CoreLogic said.

Adelaide returned the strongest preliminary clearance rate among smaller auction markets. The city recorded a preliminary clearance rate of 42.9%, while only 22.9% of homes sold across Brisbane.

 

Top Suburbs : ferntree gully , newtown , harris park , mt lawley , willliamstown

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