Auction clearance rate recorded at 74 percent: CoreLogic

Auction clearance rate recorded at 74 percent: CoreLogic
Staff reporterMarch 30, 2017

The combined capital city auction clearance rate was recorded at 74.5 percent across 3,171 auctions last week, according to CoreLogic's latest data.

The property data firm says that clearance rates increased on higher volumes last week with the clearance rate recorded at 74.1 percent the previous week from 2,916 auctions.

Auction clearance rates last week were higher than they were a year ago when they were recorded at 70.9 percent.

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Melbourne’s auction clearance rate rose from 77.0 percent the previous week to 78.9 percent last week while auction volumes also rose from 1,441.

In Sydney, clearance rates were slightly lower last week than over the previous week, falling to 75.8 percent from 76.8 percent.

Sydney auction volumes were higher over the week increasing to 1,098 from 1,001.

Outside of the major auction markets, clearance rates increased in Adelaide, Canberra and Tasmania but were lower elsewhere.

The number of new and total residential properties advertised for sale has fallen again over the past week and each remain lower than they were a year ago.

Over the 28 days to March 26, there were 45,228 newly advertised residential properties for sale nationally and 28,302 newly advertised for sale properties across the combined capital cities.

The number of new properties advertised for sale is -0.9 percent lower over the year nationally but 4.9 percent higher across the combined capital cities.

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The number of newly advertised properties available for sale is lower over the year in Brisbane (-9.9 percent), Adelaide (-0.1 percent) and Perth (-6.0 percent) but is higher across the remaining capital cities.

Nationally there were 232,160 total properties advertised for sale over the past 28 days with 107,198 advertised across the combined capital cities.

Total advertised stock is -6.9 percent lower over the year nationally and -4.0 percent lower across the combined capital cities.

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Each individual capital city currently has fewer homes advertised for sale relative to a year ago with Hobart (-27.5 percent) and Canberra (-8.3 percent) having seen the greatest declines.

The lack of stock advertised for sale, particularly in Sydney, Melbourne, Hobart and Darwin is contributing to the relatively large increases in dwelling values.

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