CoreLogic has released its final auction results for last weekend, which recorded the lowest national clearance rate since 23 April at 64.9%:
Source: CoreLogic
Melbourne’s final clearance rate fell to 63.7%, down 90 basis points from the prior week’s result of 64.6%.
Sydney’s final clearance rate fell by 1.0 percentage point to 66.7%, also the lowest recorded clearance rate since the week ending 23rd April 2023.
Auction clearance rates have historically been a sound leading indicator for house prices.
Therefore, the decline in final auction clearances suggests that capital city house price growth will fall:
Sydney’s house price growth has already begun to turn down:
Whereas Melbourne’s rate of increase in house prices is fading:
This weekend, scheduled auctions across the combined capital cities are down 7.7%, with 1,821 homes set to go under the hammer.
Despite the fall, this weekend’s scheduled auction numbers are still 7.1% higher than the year-to-date weekly average (1,700).
792 homes will be auctioned across Melbourne, a 9.0% decrease from the 870 homes auctioned last week.
Auction activity in Sydney is projected to remain stable, with 748 homes scheduled to go under the hammer, only one less than last week.
