Downward trend in auction clearance rates

By |

The preliminary clearance rate across the combined capitals rose to 63.5% in the week ending May 6, after the previous week saw the lowest clearance rate for the year, according to CoreLogic’s latest Property Market Indicator Summary.

The combined capitals saw fewer homes taken to auction in the week ending May 6, with a total of 2,280 auctions held. This was down from the previous week, when 2,577 auctions were held.  

“The lower volumes saw an improved preliminary clearance rate over the week, returning a 63.5 per cent success rate, increasing on the week prior’s final clearance rate which was the lowest weighted average result seen over the year-to-date with 60.3 per cent of properties selling [down from a preliminary clearance rate of 62.5%],” CoreLogic said.

Although the preliminary clearance rate registered a positive rise over the week, the trend in auction clearance rates, based on the more complete final results, clearly shows a downward trend.

“Auction markets remain more buoyant than December last year, when Sydney clearance rates reached a low point of 52 percent, however the weaker auction results suggest housing market conditions are likely to remain relatively soft,” CoreLogic said.

“Looking at results over the corresponding year-to-date period last year, the capital city auction market was performing quite differently, with an average of 10 per cent more homes selling over the same period last year, while weekly volumes continue to show similar trends.”

CoreLogic: Downward trend in auction clearance rates

Related stories:

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 : reservoir , hebersham , stafford hts , newcastle , st kilda west


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 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 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