Clearance Rates Drop
The national auction clearance rate dropped last week, hitting its second-lowest level since Easter.
CoreLogic figures show only 63.8% of homes sold under the hammer.
For much of the year, the clearance rate has sat above 70%.
Some of the drop can be explained by a reduction in properties being offered for auction in Melbourne, which is Australia’s biggest auction market, as a result of the Melbourne Cup festivities and public holiday.
There were 2,023 homes taken to auction across the combined capital cities last week, down from 3,381 the previous week which was the busiest auction week in more than 18 months.
CoreLogic predicts the number of properties being offered for auction this week will increase by almost 40% with about 2690 homes set to go under the hammer, making it the second busiest auction week of the year.
There are 1,218 homes scheduled for auction in Melbourne, up 160.3% on last week’s very low 468 properties.
