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Auction clearance rates continue to fall

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Published on: Tuesday, October 27, 2015

The national clearance rate for the combined capital cities remained below the 70% mark – falling to 66.6% from 67.4% the previous week – the second lowest rate recorded all year.

At the same time last year, the national clearance rate was 69.3%.

Weekly clearance rate, combined capital cities

Auction volumes picked up however, with 3086 homes taken to auction compared to 2858 the previous week. 

Capital city auction statistics (preliminary)

Sydney

Sydney’s clearance rate improved this week with 64.4% of auctions successful, up from 63.7%.

Last week’s result was Sydney’s lowest clearance rate for the year, and despite this week’s slight pick-up, is still well below the 74.8% clearance rate recorded at the same time last year.

CoreLogic RP Data says the Eastern Suburbs of Sydney had the best clearance rate across all of Sydney’s sub-regions, with 84.3% of the 109 reported results sold.

Australian Property Monitors (APM) reports that across 352 properties sold at auction on Saturday October 24, the median sale price was $1,200,000.

Melbourne

Melbourne’s clearance rate was 69.8% this week, falling from 72.7% last week. This is the first time Melbourne’s auction rate has fallen below the 70% mark since mid-February.

However, Melbourne’s auction volumes were the highest they have been all year, coming in at 1663 compared to 1398 last week.

At the same time last year, Melbourne’s clearance rate was 71%.

The best performing sub-region was the Inner region with 341 auctions held and a clearance rate of 73.7%.

Australian Property Monitors (APM) reports that across 841 properties sold at auction on Saturday October 24, the median sale price was $820,000.


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