The preliminary clearance rate across combined capital cities dipped slightly to 61.0% as 2,245 homes were taken to auction in the week ending 13 May, according to the latest data from CoreLogic’s Property Market Indicator Summary. The previous week saw 2,311 auctions with a final clearance rate of 62.1%.
The latest figure is a far cry from the same week in 2017 (72.8%), when 2,409 homes went under the hammer. Once clearance rates are finalised early next week, CoreLogic expects the 13 May figure to drop further, with both Sydney and Melbourne clearance rates potentially sinking below the 60% mark.
Meanwhile, an annualised drop in Sydney (-3.8%) and Perth (-2.2%) home values during the same week pulled down the average figure by 0.7%, across the combined five capitals with Adelaide (+0.7%), Brisbane (+0.7%), and Melbourne (+3.3%).
The highest sale last week went to a five-bed, five-bath, and two-car house in Bronte, NSW, which sold for $11m. The second-highest sale was also in NSW, with five-bed, three-bath, and two-car house in Sylvania Waters going for $4.6m.
Darwin held the highest median “time on market” (TOM) length among houses at 90 days, followed by Perth (72 days), and Brisbane (61 days). The figure refers to the middle number of days from when a property is first listed for sale and the contract date.