Preliminary clearance rate slips below 70 percent for the first time since early June
The preliminary combined capital city clearance rate, for the weekend of 3rd and 4th of August,fell below the 70% mark for the first time since the week ending June 9th (Kings birthday long weekend in most states) coming in at 69.2% last week, down from 72.2% the week prior (revised down to 65.1% once finalised).
The lower early clearance rate was accompanied by a drop in the volume of auctions, with 1,716 homes going under the hammer, down from 1,975 the week prior and down slightly on the same week last year (1,746).
Melbourne hosted the most auctions, with 801 homes going under the hammer, returning a preliminary clearance rate of 70.4%, one percentage point higher relative to the winter average to-date. The result was up slightly from the previous week (69.8% which revised down to 62.3% on final numbers).
Sydney held the second largest volume of auctions (594). This was well down on the prior week (721) and the same week a year ago (692), with the decline likely due to the bank holiday. The preliminary clearance rate came in at 69.4%, a substantial drop on the week prior (76.5% which revised down to 68.5% once finalised) and only the second time through the year to-date where Sydney’s early clearance rate has dropped below the 70% mark.
Across the smaller capitals, Brisbane led on volume, with 136 homes going under the hammer last week, returning a preliminary clearance rate of 69.4%, up from 61.9% the week prior (revised down to 57.3% on final numbers). Adelaide hosted 128 auctions with 66.7% successful so far. 44 homes were auctioned across the ACT with 48.6% successful so far (lowest early clearance rate so far this year). Only 12 homes were auctioned in Perth with an early clearance rate of 88.9%.
The number of auctions this week looks set to pick up a little, with approximately 1,860 homes currently scheduled to go under the hammer, picking up to around 2,000 next week.
(CoreLogic Media)
