The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ResidentialEditorial DeskMon 10 Dec 18

Auction Rates Slump to Mid-40s

54bc4527-6360-4c24-a96b-529b2bff8982

Auction clearance rates have slumped again with 45 per cent of homes selling across the combined capitals last week.

Preliminary results show a national average clearance rate of 45.3 per cent but this is expected to fall below 45 per cent once results are finalised in coming days.

The results mark the sixth consecutive week that auction volumes have sat below 45 per cent, reducing again week-on-week.

A total of 2,614 properties were taken to auction across the combined capitals last week, lower than the previous weeks tally of 2,749 and significantly lower than the corresponding week last year.

Related: Sydney and Melbourne House Prices Will Fall 20%: AMP

CityTotal auctionsCorelogic auction resultsCleared auctionsUncleared AuctionsClearance rate
Sydney85355726828948.1%
Melbourne1,2831,03647855846.1%
Brisbane16970214930%
Adelaide15479364246.2%
Perth521551033.3%
Canberra10073324143.8%
Weighted Average2,6141,82984098945.3%


Melbourne was host to 1,283 auctions this week with preliminary results showing a clearance rate of 46.1 per cent, increasing from last week when the final clearance rate was a lower 42.7 per cent across 1,378 auctions.

Melbourne's south east experienced the lion's share of successful sales with 53 per cent of properties finding new owners.

There were 853 auctions held in Sydney with preliminary results showing a 48.1 per cent clearance rate, up from 41.6 per cent across a higher volume of auctions last week.

Over the same week last year 1,007 homes were taken to auction across the city returning a clearance rate of 52 per cent.

Sutherland and the city and inner south experienced high clearance rates of 67.9 per cent and 63.5 per cent respectively while a mere 29 per cent of properties sold in Parramatta.

Related: Weak Market Conditions to Impact House Prices: Report


Image: Corelogic

With a smaller volume of properties on the market, Adelaide recorded a 46.2 per cent clearance rate, although only slightly more than half of the 154 auctions listed had been reported.

Across the smaller auction markets, Canberra and Tasmania were the only places to see auction volumes fall week-on-week.

As further late results are received there stands the chance that the that the final clearance rate for the week could be revised below 40 per cent, a new low in the current cycle.

Preliminary clearance rates for the previous week of 47 per cent was revised down to show a final figure of just 41.3 per cent, the lowest level since late 2011.

ResidentialAustraliaReal EstateSector
AUTHOR
Editorial Desk
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
The 510-apartment Triniti Lighthouse development has received conditional planning approval despite community objections…
LATEST
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/auction-rates-slump-to-mid-40s