June was bad, and July doesn’t look much better for the Australian property market as CoreLogic’s recent Property Market Indicator Summary recorded fewer auctions across Australian cities during the first week of July – there were only 1,400 homes listed, compared to the 1,671 auctions held the week prior.
While there were fewer homes listed, the preliminary auction clearance rate was on the upswing, climbing to 55.9% from the previous week’s 52.6% final clearance rate. The final clearance rate is expected to be a lower than last week’s figure, however.
The weighted average, meanwhile, has stayed within the mid-50% range for each of the last 8 weeks – significantly lower than the 65-70% average seen over the same period last year.
The recent report highlighted that while the capital city weighted average is significantly down compared to 2017, auction results are still in better shape than they were during the 2010-2012 recession in home values, when capital city clearance rates plunged below 50%.
The most expensive property sold last week was a four-bed, three-bath, and one-car house in Cronulla, New South Wales (NSW) which sold for $5.8 million. The second-highest sale was still in NSW: a five-bed, four-bath, and two-car house in Gordon that went for more than $5.7 million.
Finally Darwin held the highest median “time on market” length among houses at 93 days this week. Perth came next (83 days), followed by Brisbane (63 days).