Clearance rates across the country failing to hit high notes
Property data experts report the number of homes up for auction was markedly lower than previous week.
NATIONAL auction clearance rates held steady last week but still remained low, according to property data firm Cotality.
The combined capitals preliminary clearance rate increased slightly to 49.8 per cent, up from 49.2 per cent the previous week, but remained below 50 per cent for the third week in a row.
Across the combined capital cities, 1447 homes were taken to auction last week, 17.2 per cent fewer than the previous week and 19.3 per cent below the same time last year.
Auction activity is expected to soften further this week, with around 1300 homes currently scheduled to go under the hammer.
Cotality said Melbourne accounted for the largest share of auctions last week, with 582 homes, 27.9 per cent fewer than the previous week and 24.1 per cent less than a year ago.
“The preliminary clearance rate rose by 4.3 percentage points to 54.5 per cent, the highest in three weeks, but remained below 60 per cent for the sixth consecutive week,” Cotality said.
After two consecutive weeks below 50 per cent, Sydney’s preliminary clearance rate rose to 51.6 per cent last week, up from 47.3 per cent the previous week.
The city’s auction volumes were lower over the week, with 563 homes taken to auction, approximately 10.8 per cent fewer than the previous week and 17.8 per cent below the same time last year.
Among the smaller capitals, Brisbane led the volume of auctions with 120 homes taken under the hammer last week, down 11.8 per cent from the previous week and 24.1 per cent lower than a year ago.
“The preliminary clearance rate was 23.8 per cent, the lowest since early May 2020 (21.4 per cent), and the fourth time in five weeks it has remained below the 40 per cent threshold,” Cotality added.
Adelaide recorded a preliminary clearance rate of 45.7 per cent last week, a sharp 23 percentage point fall from the previous week’s 68.7 per cent.
It was the city’s second-lowest clearance rate so far this year, after the week ending June 21, when the clearance rate was 40.0 per cent.
Auction volume also eased over the week, with 111 homes taken to auction, down 4.3 per cent from the previous week but 8.8 per cent higher than this time last year.
There were just nine auctions in Perth last week, down from 12 over the previous week, while there were no auctions in Tasmania for the third week in a row.
