Australian auction clearance rates continue to hover around 50%

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  • Australian auction clearance rates continue to hover around 50%.
  • CoreLogic’s combined capital city clearance rate fell to 50.9% last week, down from 51.4% in prior seven day period and well below the preliminary estimate of 56.0% released last Sunday.
  • Auction activity will pickup across Melbourne, Sydney and Brisbane this week but will decline in all other markets.

Australian auction clearance rates continue to hover around 50%.

According to CoreLogic, the combined clearance rate across Australia’s capital cities fell to 50.9% last week, down from 51.4% in the prior seven day period and well below the preliminary estimate of 56.0% released last Sunday.

The modest decline in the final rate came despite fewer homes going under the hammer, declining to 1,667 from 1,875 in the prior week.

Reporting rates were also softer with just 83.6% of results received, below the 87.7% level of seven days earlier.

Sydney’s preliminary clearance rate estimate of 62.2% was predictably revised sharply lower to 52.1%, reflecting that preliminary reporting levels were incredibly low at 60% of results.

Melbourne’s preliminary rate was also revised from 57% to a final figure of 55.1%.

CoreLogic

Turning to the week ahead, auction volumes will increase across the capitals.

2,048 homes look set to go under the hammer, most of which will be in Melbourne and Sydney at 919 and 770 respectively. Activity will also increase in Brisbane but will be lower in all other capital city markets.

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