This week’s CoreLogic Property Market update

Preliminary auction results show 55.9 per cent of homes sell this week as fewer auctions are held across the capital cities.

The combined capital cities saw fewer homes taken to auction this week with a total of 1,400 held, down from the prior week when 1,671 auctions took place. 

The lower week-on-week activity returned a preliminary auction clearance of 55.9 per cent, which is higher than the previous week’s 52.6 per cent final clearance rate; although we expect as more results flow through the final auction clearance rate could be lower relative to last week.

The weighted average has remained within the mid-50 per cent range for each of the last 8 weeks, while one year ago 65-70 per cent of homes were selling over the same period.

Although the capital city weighted average is substantially lower than a year ago, auction results are holding stronger relative to the 2010-2012 downturn in home values when the capital city clearance rate held below 50 per cent between mid2011 and early 2012.