CoreLogic released its final auction figures for last weekend with the nation’s clearance rate falling to 66.8% from 67.5% the week prior off a 10% rise in auction volumes:
Source: CoreLogic
It was the busiest weekend of auctions since before Easter and the fourth busiest week of the year to date.
Auction activity across Melbourne exceeded 1,000 for the first time since before Easter last weekend, with the city’s clearance rate falling 0.90% to 64.7% last week.
Sydney also hosted its busiest auction week since early April, with the final clearance rate falling 1.2% to 69.1%.
The next chart plots the combined capital city final auction clearance rate against dwelling values and suggests that the softening in clearance rates is pointing to slower price growth:
“The spring selling season is starting with a bang”, says CoreLogic, with 2,401 capital city homes scheduled for auction, up 5.4% from last weekend (2,278).
This week is set to be the third busiest over the year-to-date, behind the week ending 26th February (2,429) and the week ending 2nd April (2,687).
Auction activity across Sydney is set to exceed 1,000 for the second time this year, with 1,010 homes currently scheduled to go under the hammer.
Melbourne (1,021) is set to host the busiest auction market this week, despite expecting a -4.8% decline in auction activity week-on-week.
Prominent Sydney real estate agent and auctioneer, Tom Panos, has for months predicted a flood of listings over spring that would test the market.
This weekend looks to be the start of it.
