Auction volumes fall before long weekend

By Paolo Taruc | 13 Jun 2018

Auction volumes across combined capital cities dropped significantly in the week ending June 10, because of the Queen’s birthday long weekend in most states and territories, according to preliminary data from CoreLogic’s Property Market Indicator Summary.  

There were 900 homes taken to auction that week, down from 2,281 the previous week and 1,279 this time last year. However, the preliminary clearance rate was slightly higher (55.3%) from a week before (54.1%) – the lowest level recorded across the combined capitals since 2012.

Sydney overtook Melbourne as the busiest city for auctions week, with 414 homes going under the hammer, returning a preliminary clearance rate of 57.6%, compared to last week when just 47.1% of the 837 auctions were successful. In Melbourne, 276 homes were taken to auction, with a clearance rate of 56.1%. This is the lowest figure the city has seen since 2012.

The highest sale last week went to a five-bed, three-bath, and two-car house in Mount Eliza, Victoria which sold for $5.25m. The second-highest sale was in NSW, with a five-bed, four-bath, and three-car house in Seaforth going for $4.7m.

Perth held the highest median “time on market” (TOM) length among houses at 80 days, followed by Darwin (72 days), and Brisbane (62 days).  The figure refers to the middle number of days from when a property is first listed for sale and the contract date.


Related stories:
Housing affordability improves
Housing credit growth slows amid market downturn


Top Suburbs : rooty hill , mayfield , cardiff south , torrensville , padbury


Get help with your investment property

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 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 an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here