13 May VIDEO – Buyers and sellers adjust their expectations
There were 1,210 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 58.1 per cent. Last week, a higher 1,479 auctions were held and the final clearance rate increased to 52.5 per cent; the second highest clearance rate seen over the year-to-date. Compared to last year, volumes continue to trend lower each week, with almost double the volume of homes taken to auction over the same week in 2018 (2,279) when 58.2 per cent sold.
Although the clearance rate will adjust lower on the full set of results, the trend over the past two months has seen final auction clearance rates holding around the low-to-mid 50 per cent range and we expect a similar finalised result this week.
While the trend in auction clearance rates certainly aren’t describing strong market conditions, with the success rate holding around ten percentage points higher than late last year, it reflects a better fit between buyer and seller expectations on prices.
Get a full rundown of results in all the capitals including a breakdown between units and houses. Also a look inside the top sales in Sydney, Melbourne, Adelaide and Brisbane. Geoff White joins Kevin Turner to present the latest figures from Core Logic.
- High clearance on fewer numbers
- Sellers willing to meet the market
- Buyers react to a changing market