CoreLogic’s final auction report for last weekend has been released, with clearance rates falling to 62.9% nationally – the fourth consecutive week where the final clearance rate has held below 65.0%:
Sydney’s final clearance rate plunged to 58.2%, pulling the national result down. It was the lowest final clearance rate recorded for Sydney since the week ended 23 January 2022 (54.9%), and was a far cry from the 80.2% clearance rate recorded in the same weekend last year.
As shown in the next chart, final clearance rates nationally have trended lower since the beginning of the year:
Clearance rates have historically been a good leading indicator for prices across Sydney and Melbourne. Accordingly, the sharp fall in clearance rates across Sydney is pointing to further house price falls:
This weekend, auction volumes are tipped to decline by 22.6% with 2,088 homes scheduled to go under the hammer across the combined capital cities. 879 homes are scheduled for auction in Melbourne (down 31.9%) whereas 702 auctions are scheduled this week in Sydney (down 23.2%).
