The preliminary clearance rate across combined capital cities rose to 59.7% in the week ending 27 May as 2,287 homes were taken to auction, according to preliminary data from CoreLogic’s Property Market Indicator Summary. The previous week saw 2,100 auctions with a final clearance rate of 56.8%, the lowest figure since December 2013.

The latest figure is a far cry from the same week in 2017 (71.3%), when 2,885 homes went under the hammer. Melbourne – Australia’s largest auction market saw its rate weaken to 60.9% (1,132 auctions), compared to a week before at 62.0% (1,033 auctions). One year ago, the clearance rate was stronger – 74.2% across 1,366 auctions.

Meanwhile, volumes increased across Sydney with a preliminary clearance rate of 62.7% from 808 auctions. Adelaide came out with the highest figure (66.7%) compared to other capitals – but only 82 auctions were held there.

The highest sale last week went to a six-bed, five-bath, and two-car house in Seaforth, NSW, which sold for $4.65m. The second-highest sale was also in NSW, with four-bed, two-bath, and two-car house in Sylvania Waters going for $4.62m.

Darwin held the highest median “time on market” (TOM) length among houses at 77 days, followed by Perth (76 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:

Video: Auction Insider with Dr. Andrew Wilson: May 28th 2018

Preliminary data shows upswing in clearance rates

Watch out for debt says RBA deputy governor