Auction volumes fall over the long weekend

The previous week saw 856 homes scheduled for auction and a final clearance rate of 61.3 per cent, the third week in a row where the final clearance rate held above 60 per cent. 

One year ago, there were 805 homes taken to auction and a 48.3 per cent clearance rate was recorded. 

However, overall the property market is showing strong signs, with CoreLogic’s data revealing there was a rise in the number of homes sold in May when compared with April.

This is despite the economic fallout from COVID-19, which has seen GDP fall, a wage drop and the first month-on-month decline in values in nearly 12 months. 

According to data released by property research group CoreLogic, the number of homes sold increased last month as the number of new recorded listings also rose in May. 

In the 28 days to 31 May 2020, new listings rose 22.4 per cent on the previous period, but total listings fell by 2.9 per cent, meaning that even as more new stock came onto the market, buyer activity offset the additional stock.

Notably, while a 20.4 per cent jump in sales volumes in May is significant, it is off a low base. In April, the number of transactions across the combined capital cities market was estimated to be just 16,115. 

That is the lowest monthly sales volume since 1991, excluding January results, and comes in way below the decade average of 24,700 sales per month across these markets, according to CoreLogic.