Commingle - Spring 2017 Real Estate Market update

National Spring Auction Market Update

NATIONAL - There's been a slight improvement in the national auction clearance rate, according to CoreLogic’s latest report, which comes as national spring auction volumes have increased on the second spring weekend. The combined capital city preliminary clearance rate rose to 70.2 per cent for the week. Auction volumes increased week-on-week with 2,225 properties taken to auction, up from 2,074 last week, and higher than this time last year (2,062).

Domain chief economist Andrew Wilson said the spring selling season was shaping up to be one of the slowest in five years.

MELBOURNE - had the most auction stock and the highest success rate.

Its preliminary results had 73.2 per cent of the 938 reported auctions sold this week.

There were 1,097 properties taken to auction, up from 976 last week when the final clearance rate was recorded at 71.3 per cent. Over the same week last year, 974 auctions were held and the clearance rate was 78.3 per cent. Melbourne's strongest clearance was across the North West region at 86.6 per cent.

SYDNEY - was host to 810 auctions this week with a preliminary clearance rate of 72.3 per cent, rising from 65.5 per cent last week across 779 auctions, although CoreLogic auction analyst Kevin Brogan advised this will fall over the week as late results come in. One year ago, 758 auctions were held across Sydney and 80.6 per cent were successful.

BRISBANE - The preliminary clearance rate in Brisbane this week was 43.9 per cent, down from 45.6 per cent last week. Auction volumes were similar this week with 137 auctions held, compared to 138 last week.

ADELAIDE - a 67.2 per cent preliminary result was recorded this week across 74 auctions. Last week, 76 Adelaide auctions returned a clearance rate of 50 per cent for the city, while at the same time last year, 88 homes were taken to auction, with 68 per cent recording a successful result.

PERTH - clearance rate of 36.8 per cent across 19 auction results compared to the 27.3 per cent last year.

CANBERRA - 72 homes were taken to auction on the weekend. Preliminary results show a clearance rate of 69.2 per cent, up from 66.1 per cent the previous week.

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