Money Auction clearance rates in Sydney and Melbourne are still looking soft

08:32  13 november  2017
08:32  13 november  2017 Source:   Business Insider Australia

Auction clearance rates in Sydney and Melbourne are still looking soft

  Auction clearance rates in Sydney and Melbourne are still looking soft Auction clearance rates across Australia's capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne, the nation's largest housing markets.Auction clearance rates across Australia's capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne, the nation's largest housing markets.

Auction clearance rates across Australia’s capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne , the nation’s largest housing markets.

While the weekend results showed the second and third consecutive weeks of lower clearance rates for Melbourne and Sydney respectively, according to Domain, there were still some eye-catching sales. Despite the softer results, the weekend auctions had the highest number of listings for a

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Auction clearance rates across Australia's capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne, the nation's largest housing markets.

According to CoreLogic, a preliminary combined capital city clearance rate of 66.5% was reported last week, marginally below the 66.8% preliminary reading seen one week earlier.

The group received results from 2,220 of the 2,894 properties that went up for sale, or 76.7%.

Should the pattern of previous weeks be maintained, the final national clearance rate -- released by CoreLogic on Thursday -- will likely come in below the preliminary reading released over the weekend.

Home auctions rise, but well down on 2016

  Home auctions rise, but well down on 2016 Auction volumes increased across Australia's combined capital cities over the past week, as did resulting home sales, but at a much softer rate than last year.Property data group Corelogic's weekly property survey shows that the national auction clearance rate rose to 66.5 per cent, up from the adjusted 61.5 per cent in the prior week when the final figure was the lowest since early 2016, but well below the same time last year.

Auction clearances in Sydney eased back to 75.6 after several weekends of more than 80 per cent, and it was a similar story in Melbourne , the In Melbourne , clearance rates were still comparatively strong with Domain recording 79.5 per cent, well up on the 71.5 per cent this time last year.

Last week Sydney ’s auction clearance rates fell to 67%. Auction clearance rates are a good barometer of housing trends. It’s a seller’s market. Earlier this year Sydney and Melbourne had clearance rates above 80%. Although the clearance rates still point to market growth, they aren’t as

The final clearance rate for the first week in November came in at 61.5%, below the preliminary reading of 66.8%. The final reading was the lowest since early 2016.

By individual capital, preliminary clearance rates in Melbourne fell from 77.3% to 71.4%, corresponding with a sharp lift in the number of properties up for sale.

We just received another sign Melbourne's housing market is slowing down

  We just received another sign Melbourne's housing market is slowing down Melbourne's once-hot housing market is now following in Sydney's wake and slowing down.Melbourne's once-hot housing market is now following in Sydney's wake and slowing down.

Sydney has seen the lowest spring clearance rates in three years, and more agents are saying the peak of the property boom has probably passed. "We looked around Top Ryde and Strathfield and couldn't get that price for a two-bedder," Mr Tran said. Melbourne 's preliminary auction clearance

Auction clearance rates in the big housing markets of Sydney and Melbourne ticked higher this week but some agents are expressing caution over the trajectory of the housing market. "Yesterday's results were a rebalancing but we still have to wait to see how May pans out," he said.

1,299 properties in Melbourne went under the hammer, up from 318 in the previous week. The timing of the long weekend in Victoria to mark the start of the Melbourne Cup horse racing carnival explains the sharp increase in volumes week-on-week.

The low preliminary figure suggests that Melbourne's final clearance rate could fall below 70% when updated figures are released later this week.

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Continuing the pattern over the past month, Sydney clearance rates were also soft with a preliminary reading of 64.4% recorded, down from 67.4% in the first week of November.

1,089 properties went up for sale, down marginally from 1,232 in the previous week.

Sydney's final clearance rate has come in below 60% in the past two weeks, and it looks like that trend may continue given the soft preliminary figure released over the weekend.

Melbourne property shows signs of cooling

  Melbourne property shows signs of cooling There are signs the white hot Melbourne property market has started to slow, according to the latest figures from CoreLogic.Average home prices in Melbourne rose just 0.3 per cent in the past month and were stagnant in the week to November 12, according to property data group CoreLogic.

Auction clearance rates in Sydney and Melbourne are 'falling away' in what experts said was more evidence that 'we've seen the top of the market'. "The lower economy is still suffering from the mining slowdown and places like Central Queensland is still dragging the chain."

ADELAIDE auction clearance rates reached a strong 81.4 per cent last week, beating out powerhouse property markets Sydney and Melbourne .

Both Melbourne and Sydney's clearance rates remain well below the 76.8% and 81.4% levels reported in the same corresponding week in 2016.

Sydney house prices continued to fall in early November

  Sydney house prices continued to fall in early November Australian house price growth continues to stall, maintaining the trend seen in October. According to CoreLogic, house prices across Australia's five mainland state capitals were unchanged last week in average weighted terms, leaving the decline over the past four week's at 0.1%.© Provided by Business Insider Inc Despite a modest bounce in its preliminary clearance rate in early November, weakness in Sydney continued to drag down the national average with prices in Australia's largest and most expensive housing market falling 0.1% over the week.The soft result in Sydney offset a 0.

AUCTION clearance rates have slipped to a two-year low across Sydney — but that doesn’t mean house prices have ­followed suit. Property experts say the city is still a long way from becoming a buyers’ ­market

Auction clearance rates down, but sellers still control the market. Melbourne and Sydney clearance rates at auctions dropped a combined 16 per cent.

"Clearance rates have continued to track below 70% since June the year," CoreLogic says.

"This is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid-70% range for most of the second half 2016."

Outside of Australia's largest capitals, preliminary clearance rates rose week-on-week in Canberra and Perth but fell in Brisbane, Adelaide and Hobart.

CoreLogic will release updated house price data for Australia's five mainland state capital cities later today.

Reflecting recent weakening in auction clearance rates, price growth in Melbourne has slowed sharply in recent months while prices in Sydney have gone backwards.

The stuttering performance from Australia's largest markets has also seen price growth across most other capitals either slow or stall over the same period.

The Block winners prepare for another auction .
It's the pad Josh and Elyse renovated before they won the show, and now it's going under the hammer and could sell for more than $1M.The property, in Coburg - an up-and-coming suburb in Melbourne's north - is very similar to their winning house on show.

Source: http://au.pressfrom.com/news/money/-46423-auction-clearance-rates-in-sydney-and-melbourne-are-still-looking-soft/

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