Broad downward trend in clearance rates: Tim Lawless
Sydney has recorded its lowest auction clearance rate since March 2013 at 58%, according to CoreLogic RP Data.
CoreLogic RP Data head of research Tim Lawless said the broad trend in clearance rates is downwards, with the weighted average trending consistently lower since peaking over the last week of March this year at 82% to reach 61% over the past two weeks.
"Melbourne’s clearance rate has also been trending lower, but has showed more resilience than Sydney’s," he said.
"The clearance rate across Melbourne was below 70% over the past three weeks, but has held around the mid to high 60% mark.
"Over the first ten weeks of Spring we have recorded 25,727 auctions which is 3,138 more auctions that at the same last year and 22% higher than the ten weeks leading up to Spring. With auction volumes higher, even though the clearance rate is moderating, the raw number of successful auctions has held reasonably firm."
He added most homes are selling through private treaty.
“The only capital cities where auctions comprise more than one third of all sales is Melbourne and Sydney, where, over the first seven months of the year, auctions accounted for approximately 35% of all home sales. In Perth, auction sales comprised only 1.9% of all sales, 2.9% across Tasmania, 6.4% in Brisbane and just over 11% in Adelaide,” he said.
