Auction clearance rates go backwards

Sydney, Melbourne and Brisbane have all recorded weaker clearance rates than the year before, although Adelaide has reversed the trend.

Sydney reported a 70.5 per cent clearance rate for the 97 properties listed for auction on January 31. That compared to an 80.0 per cent clearance rate for the same Saturday in 2014.

Melbourne had 59 properties on the market, with clearance rates dropping from 73.6 per cent in 2014 to 72.7 per cent last weekend.

Brisbane had 60 homes listed for sale, with clearance rates falling from 49.1 per cent to 39.5 per cent.

There was better news in Adelaide, which had 69 listed properties, and where clearance rates rose from 57.4 per cent to 65.2 per cent.

Domain Group senior economist Andrew Wilson said Sydney had enjoyed a mixed bag over the weekend, with the weaker clearance rates offset by stronger listings numbers.

Dr Wilson said there would be significantly higher numbers of auctions over coming weekends, which would better reveal the underlying state of Sydney’s housing market.

“Nearly 300 homes are scheduled to go under the hammer [this] weekend, with auctions set to continue to rise sharply through to the Easter break in eight weeks’ time,” he said.

Dr Wilson said there would also be almost 200 auctions in Melbourne this weekend.

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