New listings soar across Melbourne and Sydney: CoreLogic

Auction volumes were down week on week across the combined capital cities, with a total of 1,185 homes scheduled for auction. The lower activity which we have historically noted over school holiday periods, returned a preliminary clearance rate of 65.1%. 

Across Australia’s two largest auction markets, the lower activity across both cities saw the clearance rate improve.

There were 439 Melbourne homes taken to auction returning a preliminary clearance rate of 64.3%, which was higher than last week’s preliminary figure of 62.7% across 645 auctions, with a final result of 61%.

In Sydney, 563 homes were auctioned this week returning a preliminary clearance rate of 68.1%, higher than last week’s 66.9% preliminary result, when a higher number of auctions were held (644). The final clearance rate last week came in at 62.9%.

Over the past 12 months across the capital city markets every city has seen a decrease in total listings with Melbourne faring the best and Perth as well as Canberra being hit the hardest.

Across new listings however, both Melbourne and Sydney have seen large increases around 20% with the only other market seeing an increase being Perth.