Sydney spring property listings down 16%: CoreLogic

Sydney spring property listings down 16%: CoreLogic
Sydney spring property listings down 16%: CoreLogic

Auction volumes fell significantly last week due to long weekends and the AFL and NRL grand finals with just 872 capital city auctions, down from 2,480 the previous week.

CoreLogic collected results for 81% of auctions over the week. The final clearance rate was recorded at 75.8%, up from 75.4% over the previous week. In Melbourne last week there were 114 auctions, down from 1,103 the previous week.

On a much lower volume, the auction clearance rate jumped to 87.2% from 77.2% the previous week. Sydney’s auction clearance rate was recorded at 82.5% across 530 auctions last week, with clearance rates increasing from 80.4% over the previous week across 946 auctions.

Melbourne auction clearance rate has now been above 75% for eight consecutive week while in Sydney clearance rates have been above 80% for five weeks in a row. With auction volumes set to surge much higher this week it will be interesting to see if the recent auction market strength can be maintained.

Number of homes for sale

Click to enlarge

Sydney spring property listings down 16%: CoreLogic

There were 45,634 newly advertised properties added to the market nationally over the past 28 days, which was 0.5% higher than at the same time a year ago. There were 231,650 total properties advertised for sale over the same period, which was -1.9% lower than a year ago.

Across the combined capital cities, there were 27,337 newly advertised listings over the past 28 days, which was -2.6% lower than a year ago, and 103,739 total listings which was 3.4% higher than a year ago.

Newly advertised listings are currently lower year on year in Sydney (-16.1%), Melbourne (-2.2%), Adelaide (-2.5%) and Canberra (-4.7%) with new listings higher elsewhere. In terms of total properties advertised for sale, supply is lower than a year ago in Sydney (-4.1%), Hobart (-26.9%) and Canberra (-12.8%).

Despite the fact that new and total listings are slightly lower year on year, the number of both have been trending higher. However, the most recent weak has seen a moderate decline in both new and total listings.

Sydney spring property listings down 16%: CoreLogic

Tags: 
Auctions Corelogic

Comments

Be the first one to comment on this article
What would you like to say about this project?