CoreLogic has released its final auction results for last weekend, with the final capital city clearance rate easing 1.4% to 64.4%, the lowest result since Easter in early April:
Source: CoreLogic
This followed the third busiest week of auctions this year.
Sydney hosted its busiest auction week since before Easter, with 67.3% of auctions cleared.
Melbourne’s clearance rate fell to its lowest point in five weeks at 63.3% amid 982 auctions.
The high volume of auctions has slowed price growth. While values rose by 0.24% in the week to 21 September:
The quarterly rate of growth has declined to 3.0%, down from 3.6% in August:
Brisbane is leading price growth with values rising 4.1% over the quarter, followed by Adelaide (3.7%) and Sydney (3.4%):
Dwelling values have now increased by 7.1% at the 5-city aggregate level, led by Sydney (9.7%) and Brisbane (7.1%):
This weekend, 2,725 homes are expected to go under the hammer, up 17.8% from last weekend and more than double the auctions seen this time last year (1,316).
Sydney is expected to have its busiest auction weekend of the year with 1,094 homes scheduled to go under the hammer. This weekend’s auction activity is up 18.0% over last weekend (927) and 35.6% higher than this time last year.
With 1,083 auctions scheduled across the city, Melbourne’s auction activity is expected to be 10.3% higher than last weekend.
The spring selling season continues to ramp-up, which will test the market and should continue to weigh on prices:
