Through March the largest auction markets have seen the clearance rate holding around the mid-to-low 50% range which is lower than the same time last year, but a substantial improvement relative to late 2018. While there has clearly been a seasonal bounce in the clearance rate, auction results are holding reasonably firm on higher volumes. The number of auctions is likely to rise further in the lead up to Easter; if we see the clearance rate continuing to hold around the mid-to-low 50% range it will be a strong sign that the fit between buyer and seller pricing expectations is becoming more balanced.
There were 2,155 homes taken to auction across the combined capital cities this week, with preliminary results showing a 56.8 percent success rate. This is the third consecutive week where the preliminary clearance rate has been in the 56 percent range so it is likely that we will see revision down to the low 50’s as final results are collected which is what we have seen over the last two weeks.
Get a full rundown of results in all the capitals including a breakdown between units and houses. Also a look inside the top sales in Sydney, Melbourne, Adelaide, and Brisbane. Geoff White joins Kevin Turner to present the latest figures from Core Logic.