CoreLogic released final auction results for the last weekend, with the capital city clearance rate falling below 60% for the first time in 2024.
Source: CoreLogic
The combined capital city clearance rate fell to 59.5%, down from 60.6% over the previous week and 66.1% this time last year.
Melbourne’s clearance rate held below 60% for the third consecutive week, coming in at 59.4% last week, up from 57.0% over the previous week. One year ago, Melbourne recorded a clearance rate of 66.9%.
Sydney’s final clearance rate also fell below 60% for the first time this year (57.6%), down from 60.9% over the previous week and 65.9% one year ago.
As shown in the chart directly above, the sharp decline in Sydney’s auction clearance rate portends falling prices.
Indeed, CoreLogic’s daily dwelling values index shows that Sydney home values grew by just under 0.1% over the past 28 days and will soon join Melbourne in negative territory:
Both Sydney and Melbourne are now being weighed down by the rising volume of for sale listings, as illustrated below:
Source: CoreLogic
