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Auction clearance rate up as listings fall

Rising auction clearance rates and continuing strength in real estate prices indicate that home buyers are still keen to get into the market as listings dwindle.

More than 75 per cent of the properties that went under the hammer nationally last week were sold, according to property market analytics firm CoreLogic.

That's a solid jump from an auction clearance rate of just under 60 per cent in the same week a year ago.

Melbourne's auction clearance rate was 86.2 per cent, compared to the average of 69.9 per cent in 2016, and Sydney's was 79.7 per cent in the week compared to 44.9 per cent last year.

Even in the struggling Perth market the clearance rate has risen to 55.6 per cent, from 44 per cent a year ago.

Auctions are doing well despite steadily rising capital city housing prices, which are up 10.8 per cent compared to a year ago.

Sydney and Melbourne still lead the way in annual price growth, leaping 15.6 per cent and 12.5 per cent, respectively.

Adelaide's home value growth is the third, rising five per cent in the year to January 29, while Brisbane home prices were up 4.8 per cent in the same period.

Only Perth home values have drifted lower over the year, falling 3.4 per cent.

Meanwhile listing numbers continue to fall in most markets.

The number of new listings has plummeted 20.2 per cent in the past 12 months, while the total number of listings has fallen 8.5 per cent.

New listings have plummeted 44.8 per cent in Darwin on an annual basis but are down by just 2.7 per cent in Sydney.

Meanwhile, total listings are down 40.5 per cent in Hobart, 19.1 per cent in Canberra, 14.6 per cent in Melbourne, 11 per cent in Sydney, 10.7 per cent in Adelaide, 7.2 per cent in Darwin and 5.1 per cent in Brisbane.

The only capital city where total listings have risen in the past year is Perth, where they rose 4.8 per cent.

Topics: Clearance Rates

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