Auctions slowed slightly last week. Only 2,204 homes in capital cities fell under the hammer during the week ending March 3rd.
The CoreLogic report showed that last week's volumes were lower than the 2,293 last week, the busiest week in 2019.
The preliminary liquidation rate for the week was 55%. The higher volumes recorded the previous week gave a clearance rate of less than 50%.
"As volumes increase, we will see a trend in clearance rates below that mark. Comparing the results with those of last year, volumes are significantly lower than the 3,026 auctioned homes in the same week in 2018, "said CoreLogic in his report.
The property data provider also stated that it was likely that sellers are delaying the auction of their properties while the terms of sale remain difficult and the volumes of the property are high. one year to the next should continue to decline throughout the year. This takes into account the drop in house prices recorded in February.
Melbourne, Australia's largest auction market, registered 1,046 auctions last week, with a preliminary release rate of 54.9%. The initial number of successful auctions is higher than the final reconciliation rate of 50.6% the previous week, while volumes were higher (1,128).
Sydney recorded 799 auctions, with a preliminary clearance rate of 61.3%, up from the 50.1% final clearance rate recorded the previous week, when 801 Sydney homes were auctioned .
Adelaide was the best-performing city among the smaller auction markets in terms of clearance rates. Its success rate reached 47.9%, while Brisbane accounted for only 32.9% of auction houses. This makes the Queensland capital the weakest auction market of the week.
The report also revealed that the most expensive property purchased during the week was a six-bed, three-bath, two-car home in Clovelly, New South Wales, with a selling price. it was $ 6,500,000. The second largest sale took place in Wahroonga, New South Wales: a five-bed, four-bathroom and two-car unit totaling US $ 5,020,000. United.
Darwin was the city with the longest selling time on the market, the longest house at 99 days this week. Perth came in second (91 days), followed by Brisbane (90 days).
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