Preliminary clearance rate advanced across the combined capital cities during the week of June 18-24, increasing to 58.7%, according to preliminary data from CoreLogic’s Property Market Indicator Summary. This is over a 6% increase after last week’s final clearance rate of 52.4%,
While the preliminary clearance rate is dropping slightly this week, the final clearance rate is still expected to show signs of improvement week-on-week. Auction volumes were down, however, with only 1,842 home auctioned compared to the 2,002 last week.
Melbourne still held the top auction spot with a total of 946 public sales, returning a preliminary clearance rate of 62.3%, compared to last week’s 56.2% over 992 auctions. Over the same week last year, there were 1,047 auctions held in Melbourne, with a clearance rate of 70.7%
Ranking second among auctioneers is Sydney. There were 635 auctions held in the city returning a preliminary auction clearance rate of 55.3%. In comparison, last week saw more auctions at 708, which had a final clearance rate of 49.4 % and this time last year, 68.2% of the 939 auctions held ended in a sale.
The most expensive property sold last week was a five-bed, four-bath, and two-car house in Seaforth, New South Wales (NSW) which sold for $5.9 million. The second-highest sale was also in NSW: a four-bed, three-bath, and two-car house in Mosman that went for more than $4.4 million.
Darwin still held the highest median “time on market” length among houses at 91 days, followed by Perth (83 days), and Brisbane (64 days).
Video: Auction Insider 25th June 2018
Auction volumes show signs of life in June
Australian dwelling values are increasingly dependent on market prices
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