National clearance rates remain steady despite high volume: CoreLogic
Clearance rates remain steady across all major auction markets, according to CoreLogic’s weekly market report.
The property advisory firm says that CoreLogic collected results for 90 percent of the 3,403 capital city auctions which took place last week.
Last week was the second highest number of auctions held so far this year.
Despite the high volume, clearance rates held firm across the major auction markets, with Sydney recording a final clearance rate of 77.1 percent across 1,121 reported auction results.
The figures relate to November 27, not as the chart advised.
The largest auction market, Melbourne, recorded a clearance rate at 76.1 percent across 1,497 reported auction results.
Interestingly, the Hobart market reported the highest clearance rate at 80 percent, however with such a small number of auctions (five reported results), the statistics can be more volatile.
Next week is likely to mark the peak in auction activity as the market moves into the festive period, when we can expect housing market activity to quieten.
Listing numbers have accelerated over the last month of spring after the first two months saw listing numbers tracking lower than last year.
Over the 28 days to November 27, there were just under 50,000 newly advertised properties added to the market nationally, which is 2.7 percent higher than a year ago.
Across the capital city markets, 30,832 fresh property listings were added to the market which was 1 percent higher than a year ago.
With new listing numbers rising, total stock levels have also pushed higher, but remain 2.1 percent lower than a year ago nationally.
Across the capital cities, total advertised stock levels are now 2.4 percent higher than a year ago.
However the hottest housing markets (Sydney, Melbourne, Hobart and Canberra) are still showing stock levels to be lower than last year.