Early numbers from the weekend’s property auctions suggest elevated clearance rates while the total number of homes up for bids remains low compared with a year ago.
Data firm CoreLogic said 945 homes were up for offer across all capital cities – down from 1,411 a year ago – and its partial tally suggested 68.9 per cent sold but this did not yet include results from about 25 per cent of auctions.
The analysis company’s preliminary figures for Sydney indicated 78.2 per cent of homes under the hammer sold, although with only 262 of the 352 auctions counted, about a quarter of results were missing.
The total number of auctions held in the harbour city – 352 – was down from 552 during the same week in 2018 and 656 in 2017.
CoreLogic recorded a 70.3 per cent clearance rate in Melbourne based on the confirmed results of 320 auctions while another 68 were yet to be factored in.
The number of Melbourne auctions was down from 631 last year and 818 two years ago.
CoreLogic noted in its commentary the combined capital city clearance rates were above 60 per cent for the fourth consecutive week.
Westpac analyst Matthew Hassan said the overall figures depicted a strong result, although he added “there tends to be a slight seasonal lift to clearance rates in the month of July”.
“Low volumes remain an important caveat, with a likely pick-up in supply set to be an important test as we eventually move into the spring selling season,” he said.
Property values edged lower across almost all capital cities during the week, with CoreLogic recording a drop of 0.2 per cent in Brisbane and 0.1 per cent in Sydney, Melbourne and Adelaide, while Perth remained flat.