Buyers lose control of auctions

Buyers are continually turning away from the auction market, according to the latest CoreLogic real estate market indicators summary, which reveals that the auction liquidation rate has returned to the lowest levels in the week ending November 11th.

A total of 2,384 homes were hammered in the combined capitals this week, reporting a preliminary clearance clearance rate of 46.8% over the week. This rate was higher than the final reconciliation rate of 42.7% recorded the previous week, the lowest level since June 2012.

However, compared to other preliminary results recorded in the past, this week's figure is the lowest recorded to date. In addition, it was noted that as the final results are collected, rates could fall to 40%.

The weighted average liquidation rate has been below the 50% mark for seven consecutive weeks, and this trend is attributable to softer conditions in the two largest auction markets, Melbourne and Sydney. These two cities covered 83% of all auctions held this year.

In reviewing their respective performances this week, it was found that 1,141 auctions had been held in Melbourne. This generated a preliminary clearing rate of 48.3%, up from the final result of 45.7% last week, when only 266 auctions were recorded.

On the other hand, 48.4% of the auction houses in Sydney were successfully purchased. For reference, the city's final auction clearance rate last week was 42.6%, which represents the lowest result since December 2008. Volumes have resisted the trend after 830 auctions took place in the city, compared to 813 last week.

Adelaide recorded the highest rate of clearance of preliminary auctions, ie 47.5%, while in Perth, only 20% of auctions were cleared.

The report also revealed that the most expensive property purchased during the week was a five-bed, four-bath, and two-car home in Vaucluse, New South Wales, which rose at $ 8,800,000. The second largest sale took place in Elizabeth Bay, New South Wales: a four-bed, three-bath, and three-car unit cost $ 8,250,000.

Darwin was the city with the longest average market term in the market, with 81 days this week. Perth came second (77 days), followed by Brisbane (63 days). The same rankings were observed in terms of units: Darwin (105 days), Perth (77 days) and Brisbane (76 days).

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Top suburbs:

Toowong

,

Tiwi

,

Bligh Park

,

Woolloongabba

,

Nightcliff

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