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There are now more homes for sale in Australia than at any point in the past 3 years

Photo by Christopher Lee/Getty Images

Australian auction clearance rates continued to slide last week.

According to preliminary data released by CoreLogic RP Data, of the 1,063 capital city auction results received so far, 716 properties were sold, equating to a clearance rate of 66.4%.

The figure was below the 68.6% level of the prior corresponding week, and well below the 77.2% level seen in the same week a year earlier.

The number of auctions was well down on the previous week’s level of 2,304 thanks to public holidays in half of Australia’s states and territories on Monday, including the second-largest market in the country, Victoria.

Here’s the preliminary results for last week, supplied by CoreLogic RP Data.

Despite the holiday induced slowdown last week, the amount of stock available for sale now sits at levels not seen since early 2013.

At present there are approximately 117,606 properties for sale, up 12.7% from 12 months earlier. With the exception of Hobart and Canberra, stock for sale has increased in all capitals over the past year, led by increases of over 15% in Sydney, Brisbane, Adelaide, Perth and Darwin.

New listings, defined by CoreLogic RP Data as properties that have not been advertised for sale over the past 6 months, have also grown by 12.0% from 12 months earlier, led by an enormous 46.4% increase in new listings in Brisbane.

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