4 property market trends to expect in 2022
The impacts of COVID-19 are expected to continue to sway the property market in the year ahead, even as the country’s ...
Preliminary results from CoreLogic show the majority of areas held steady when it comes to auction clearance rates for the week concluding 13 September.
According to CoreLogic, the combined capital cities saw a preliminary clearance rate of 67.3 per cent. This is almost the exact same preliminary figure taken last week of 67.5 per cent, which later revised down to 60.5 per cent at final collection.
Over the same week last year, a final clearance rate of 72.8 per cent was reported across the combined capitals, CoreLogic noted.
“In total, there were 823 homes taken to auction across the combined capital cities over the week, down from 866 over the previous week and 1,639 this time last year,” the researcher explained.
“Sydney was host to 606 auctions this week, similar to last week when 608 auctions were held, although higher than this time last year when 585 homes were taken to auction.
“Of the 507 auction results collected so far, 70.4 per cent were successful, up slightly from last week’s preliminary result of 69.5 per cent, which revised down to 62.3 per cent at final results. This time last year, Sydney recorded a final auction clearance rate of 76.0 per cent.”
Meanwhile, Melbourne remained largely subdued as the city continues its lockdown, seeing a preliminary auction clearance rate of 27.3 per cent across just 11 results.
“Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 83.0 per cent, across 47 auction results, followed by Adelaide with a preliminary clearance rate of 75.9 per cent across 29 results,” CoreLogic concluded.