The national auction market shows some signs of slowing, but is this a long-term change or an exception to the rule? This may not only be caused by affordability pressures from recent price growth, but also new listings reaching 26,470 in April. This level of new listings is the largest number of new listings for this time of the year since 2016 and 17% above the five-year average. We’ll be watching closely over the next few weeks to find out, but we believe the fastest property growth rates are now in the rear-view mirror.
Highlights from last weekend’s auctions:
- Auction Volumes take a dip – 2,041 auctions held, down from 2,448 last weekend. This time last year, auctions were significantly lower with only 413 homes going under the hammer.
- Above 80% Clearance– Canberra and Sydney return clearances above 80% for 11 weeks in a row. Canberra returns a whopping 97.7%, but over a smaller 55 auctions.
- Houses continue to outperform units– Looking at results by property type, houses have outperformed units throughout the year, recording final clearance rates above 80% for consecutive weeks.
- Clearances dropping –potentially another leading indicator that the price surge is slowing. The weighted average clearances were still 78.5% which is the sign of a very strong market still.
Check out last weekend’s results – 19 April 2021
Check out the most recent auction results from CoreLogic
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