Auction results expected to dip

Property auction clearance rates likely dipped following the spike of the previous week, analysts say, as the number of homes up for bids on the weekend edged up in Sydney but fell in Melbourne.

Data firm CoreLogic said 1,480 homes were up for offer across all capital cities – down from 1,849 a year ago – and its early tally suggested about 63.7 per cent sold but this did not yet include results from 25 per cent of auctions.

“After remaining results are collected we expect the final clearance rate to be slightly lower week-on-week,” CoreLogic said in its weekly summary on Monday, previewing the finalised results due to be released on Thursday.

The research company last week announced a preliminary clearance rate of 66.4 per cent across all capitals on June 17 but this fell back to 61.8 per cent by June 20 after more auctioneers provided their results.

In the week to June 23, early statistics for Sydney indicate 67.1 per cent of homes under the hammer in the city sold – although with only 398 of the 551 auctions counted, about 28 per cent of results were still missing.

The number of Sydney auctions was up from 534 in the previous week, when the city’s finalised clearance rate was 66.4 per cent – the highest since Easter 2018.

CoreLogic recorded a 69.7 per cent clearance rate in its latest Melbourne tally based on the confirmed results of 522 auctions while another 122 were not included in the figures.

In the previous week, Melbourne hosted a total of 724 auctions and the settled clearance numbers were recorded as 64.9 per cent.

Brisbane’s new preliminary clearance rate was 34.8 per cent based on the confirmed results of 66 auctions but about 42 per cent of results were not yet factored in.

Auction volumes in the Queensland capital increased from 93 in the previous week to 114.


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