Home News Clearance rates drop as more homes go on auction

Clearance rates drop as more homes go on auction

Font size :

Auction activity at the end of 2018 grew across Australia's capital cities as more homes were put up for sale.

Auction activity at the end of 2018 grew across Australia's capital cities as more homes were put up for sale. However, clearance rates dropped considerably across all capital cities save for Tasmania.

According to the latest figures from CoreLogic, combined capital city clearance rates dropped to 43.6% during the December quarter, down from 53.6%over the previous quarter and 62.3% over the same period a year ago. This came as 25,894 homes were taken to auction, up from 20,653 over the previous quarter.

Clearance rates dropped everywhere except Tasmania, which reported a flat clearance rate of 50%. The lowest rate was recorded in Perth, where only 25% of 499 auctions went successfully.

This table shows how each capital cities performed in terms of the number of auctions and clearance rates:

Capital City Auction Clearance Rates and Volumes

Capital City

Auction Volumes

Clearance Rate

Sydney

8,828

43.1 %

Melbourne

12,372

45.4%

Brisbane

1,642

31.8%

Adelaide

1,423

48.5%

Perth

499

25.5%

Tasmania

40

50.0%

Canberra

1,090

46.9%

Combined capitals

25,894

43.6%

Auction volumes also increased in non-capital city markets. However, clearance rates also worsened in these areas. The largest drops in clearance rates were seen across the Hunter region (18.8%), Geelong (17.3%), Wollongong (10.2%), Gold Coast (5.9%), and Sunshine Coast (3.1%).

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

What you need to know when buying a tenanted property What you need to know when buying a tenanted property

Are you occupying the property or are you taking over as the landlord? Read more

Consider these things before you fix your home loan rate Consider these things before you fix your home loan rate A fixed-rate home loan has its pros and cons — see if it fits your current needs ... Read more

How long does a loan or mortgage pre-approval last? How long does a loan or mortgage pre-approval last? A pre-approval can be a huge head start in your home buying journey ... Read more

Understanding comparison rates Understanding comparison rates Comparison rates help you find out how much your home loan really costs ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Feb 23, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords