It hasn't taken long for Australian auction clearance rates to start weakening again

Photo by Rob Stothard/Getty Images

Australian auction clearance rates fell last week, according to data from CoreLogic, coinciding with a sharp increase in the number of properties going under the hammer.

“The preliminary auction clearance rate, based on the 578 auction results reported so far, was recorded at 67.7% across the combined capital cities compared to 72.8% last week and 68.8% last year,” CoreLogic said.

Final weekly clearance rates tend to fall from preliminary estimates as tardy, often unsuccessful auctions, are reported to the group.

779 properties were put up for sale, a sharp increase on the 276 level of a week earlier. Within that figure, CoreLogic received results from 578 auctions. 394 properties sold and 184 were passed in.

As seen in the table below, while auction volumes are still well below the levels seen late last year, many of the trends remain the same.

Clearance rates in Sydney remain lower than Melbourne with overall clearance rates in both cities down from what they were a year earlier.

Here’s how each individual capital fared last week.

Source: CoreLogic

Adding extra colour to the weekly statistics from CoreLogic, this next table looks at clearance rates by type of dwelling in each capital.

Source: CoreLogic

While the seasonal slowdown over Summer is now over, auction volumes still remain well short of the levels seen just two months ago.

However, that will change in the week’s ahead, providing a clearer picture on the underlying trends evident across individual markets.

“With auction activity only just starting to pick up, we should get a better idea over the coming weeks as to whether the clearance rates will revert back to the lower levels seen towards the end of last year,” CoreaLogic says.

The group will also release weekly house price data for each of Australia’s five mainland state capitals later today.

NOW READ: Home prices are now falling in most Australian cities

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