Clearance Rates Steady Despite Drop in Volume
A drop in the auction volume across Australia’s capital cities returned a similar preliminary clearance rate on the week prior as buyer confidence seems to be staying consistent.
Weekly data released by CoreLogic showed that the number of homes scheduled for auction last week was down in every capital city apart from Perth.
Sydney led the way with 435 scheduled auctions returning a preliminary clearance rate of 73.2%. The week prior saw 815 auctions return a preliminary clearance rate of 74.8% in the Emerald City.
Auction activity in Melbourne is still considerably lower than usual with only 57 homes scheduled for auction last week in comparison with 60 the week prior.
Having said that, a preliminary clearance rate of 63.3% is a large increase from the previous week’s 28.6% – a good sign that the easing of restrictions is starting to translate into homes being sold at auction.
Of the remaining capital cities, Canberra returned the highest preliminary clearance rate with 75.6%, with Adelaide (62.1%), Brisbane (48.8%) both down on the week prior’s results whilst Perth saw an upturn where 19 homes returned a preliminary clearance rate of 62.5%.
The eagerly anticipated long weekend could be a factor in the lower number of homes scheduled for auction this weekend, with final clearance rates expected to alter the preliminary statistics so far recorded.
