Capital city auction clearance rates hit 67.3% while new listings fall: RP Data

Last week there were 1,520 capital city auctions, down from 1,582 the previous week.

The combined capital city auction clearance rate was recorded at 67.3% last week, up from 65.6% over the previous week.

Auction clearance rates have now been above 60% for seven consecutive weeks; the last time this occurred was in June 2010.

In Melbourne, Australia’s largest auction market, the clearance rate was recorded at 71.9% last week. This was up from71.3% the previous week. However, the number of auctions which took place in Melbourne fell to 738 from 807 the previous week.

In Sydney, the auction clearance rate increased last week to 72.1% from 67.7% over the previous week.

Auction volumes across Sydney were unchanged over the week with 516 auctions.

Meanwhile, the number of new listings added to the market fell by -2.0% over the last week.

Nationally, 42,451 new listings were added to the market, with 25,768 of these located in a capital city.

With the number of new listings falling over the week, there was also a decline in the number of total listings. There were 283,754 homes advertised for sale over the past four weeks.

Across the combined capital cities there were 127,526 homes available for sale; 45% of the total stock available for sale.

New listings nationally are now -10.8% lower than they were a year ago and total listings are -1.9% lower than they were at the same time last year.