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CoreLogic figures show clearance rates fell across the combined capital cities this week due to lower volumes of homes being sold over the October long weekend.
CoreLogic’s Property Market Indicator Summary showed for the week concluded 4 October, there were 657 homes taken to auction, down from the 1,082 auctions held last week.
“Of the 530 results collected so far, 69.3 per cent were successful, only slightly lower than last week’s preliminary figure of 70.5 per cent, which by final collection on Wednesday revised down to 64.2 per cent,” CoreLogic said.
“Over the same week last year, a final clearance rate of 67.6 per cent was reported across a higher 1,324 auctions.”
According to CoreLogic, activity remained “close to record lows” in Melbourne, largely believed to be a result of the city’s restrictions seeing a lower amount of house-hunters at present. Just 57 auctions were scheduled for the week concluded 4 October; however, this is an increase on the week prior when 40 homes went under the hammer, and just 11 the week before that.
Of the 49 results collected for the week concluded 4 October so far, 31 have been successful. Meanwhile, 16 were withdrawn. This puts the preliminary clearance rate at 63.3 per cent.
The researcher noted 61.3 per cent of sold results reportedly sold prior to the scheduled auction event.
“One year ago, 775 Melbourne homes were auctioned, with 70.5 per cent selling,” CoreLogic said.
“As restrictions ease across Melbourne, we are expecting auction numbers to rise substantially.
“Sydney accounted for 66 per cent of all auction activity this week, with 435 auctions held across the city. Volumes were lower over the week after last week recorded the busiest week this city has seen since April (812). Of the 354 results collected so far, 259 were sold, providing a preliminary clearance rate of 73.2 per cent.
“This time last year, Sydney recorded a final auction clearance rate of 74.75 per cent across a lower 317 auctions.”
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Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
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