There were 1,292 capital city homes taken to auction over the final week of June, returning a preliminary auction clearance rate above 60 per cent for the third consecutive week. The higher auction results align with the trend in housing values, where the rate of decline has been consistently improving through 2019, largely driven by improved conditions across Sydney and Melbourne. If we see auction clearance rates holding above the 60 per cent mark consistently, it’s a firm sign that buyer and seller price expectations are more balanced and housing prices are finding a new floor.
Both Melbourne and Sydney returned a preliminary auction clearance rate above 70 per cent this week. Melbourne returned a 70.6 per cent preliminary auction clearance rate, while Sydney returned a preliminary rate of 72 per cent this week.
The performance was varied across the smaller auction markets this week, with Adelaide returning the strongest preliminary result with 68.9 per cent of auctions successful, while only 33.3 per cent of homes sold across Perth.
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, Canberra and Perth. Kevin Brogan joins Kevin Turner to present the latest figures from Core Logic.