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Home auction clearance rates below 70pct


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Many Australians have been too busy enjoying the long weekend to bother selling houses, while auction clearance rates have slipped below 70 per cent for the second week in a row.

A public holiday for half of Australia on Monday has pushed auction volumes significantly lower, the latest weekly reading on the housing market shows.

Just over 1,400 auctions were held across all capital cities last week, according to CoreLogic RP Data's weekly report.

That's substantially less than the 2,304 held the week before and the 2,556 held one year ago.

A public holiday for Victoria, South Australia, Tasmania and the ACT was a key factor behind the fall.

Meanwhile, the combined capital city auction clearance rate also slumped to 66.4 per cent, from 77.2 per cent the year before.

Weaker preliminary clearance rates in Brisbane, Perth and Tasmania dragged the result down from 68.6 per cent the previous week, the report shows.

But the nation's two largest auction markets kept their heads above water, with clearance rates hitting 72 per cent in Sydney and 70.5 per cent in Melbourne.

CITY CLEARANCE RATES, TOTAL AUCTIONS

Sydney: 72pct, 680

Melbourne: 70.5pct, 414

Brisbane: 44pct, 151

Adelaide: 54.2pct, 93

Perth: 46.7pct, 35

Tasmania: 33.3pct, 19

Canberra: 75pct, 34

(Source: Corelogic RP Data)

See our 6 Tips for Buying Investment Property at Auction blog to be better prepared when attending property auctions.

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