CoreLogic has released final auction figures for last weekend with the nation’s clearance rate falling 1.4% to 65.4%, with Sydney (-0.9%) and Melbourne (-0.9%) both registering softer clearances:
Source: CoreLogic
The decline in clearance rates follows the highest weekly number of auctions (2,286) since early April, suggesting the spring selling season is starting with a bang.
There are 2,357 capital city homes scheduled for auction this weekend, which is expected to become the third busiest of the year so far and the busiest in the combined capital since early April.
For the third week in a row, Melbourne is expected to hold more than 1,000 auctions, with 1,035 homes scheduled to go under the hammer.
Sydney’s auction activity is poised to increase with 958 homes on the docket, up from 913 last week and 698 at this time last year.
This weekend is expected to be Sydney’s busiest since before Easter (1,017) and the second busiest of the year so far thanks to a 4.9% week-over-week increase.
The increased auction activity and falling clearances points to a moderation in house price growth, as illustrated below:
The increase in auction volumes is also being matched by new listings, with CoreLogic reporting that listings levels “trended 16.5% higher through winter relative to the end of Autumn, which is unusual for this time of year”.
“New listings are now slightly higher than the historic five-year average”, according to CoreLogic, up 5.5%:
Source: CoreLogic
The increase in new listings has been driven by Sydney (+15.7%) and Melbourne (+17.4%):
Source: CoreLogic
This is great news for buyers as it points to more choice and reduced competition. It should also help moderate price growth across the two largest cities.
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