Festive season sees clearance drop

According to CoreLogic, there were 2,750 homes taken to auction across the combined capital cities over the week. This sees volumes down by -5.6 per cent on last week’s 2,912 auctions, which was marked the second busiest week of 2019.

“Preliminary results show a clearance rate of 69.2 per cent, after last week’s final clearance rate of 71.1 per cent,” CoreLogic noted.

“One year ago, 2,406 auctions were held across the combined capitals, with only 40 per cent returning a successful result.”

Looking at Melbourne, CoreLogic said 1,394 homes were taken to auction for the week ending 15 December 2019, returning a preliminary clearance rate of 73.2 per cent.

“Over the previous week, a higher 1,520 homes were taken to auction, returning a final clearance rate equal to this week’s preliminary result (73.2 per cent).

“Over the same week last year, a much lower clearance rate of 44.2 per cent was recorded across 1,173 auctions,” it said.

When it comes to Sydney, there were 846 homes taken to auction, a decrease from the 976 auctions held the week prior.

“Preliminary results show a clearance rate of 73.6 per cent, which was slightly lower than last week’s final result (73.8 per cent),” CoreLogic said.

“One year ago, 723 auctions were held across Sydney, returning a final clearance rate of only 38.8 per cent.

Meanwhile, the smaller capital cities returned varied results, CoreLogic said, “with Adelaide coming in with the highest preliminary clearance rate of 60.6 per cent, while only 34.4 per cent of Perth homes sold at auction”.

“Auction activity won’t pick up in earnest until early February next year as the market emerges from the seasonal festive period slowdown.”