CoreLogic has released its final auction results for last weekend, with the final capital city clearance rate easing 1.4% to 64.4%, the lowest result since Easter in early April:
Source: CoreLogic
This followed the third busiest week of auctions this year.
Sydney hosted its busiest auction week since before Easter, with 67.3% of auctions cleared.
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Melbourne's clearance rate fell to a five-week low of 63.3% amid 982 auctions.
The large volume of auctions has slowed price growth. While values โโโโincreased 0.24% in the week to September 21:
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The quarterly growth rate has decreased to 3.0%, down from 3.6% in August:
Brisbane leads price growth, up 4.1% over the quarter, followed by Adelaide (3.7%) and Sydney (3.4%):
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House values โโhave now increased by 7.1% at an aggregate level across five cities, led by Sydney (9.7%) and Brisbane (7.1%):
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This weekend, 2,725 homes are expected to be auctioned, 17.8% more than last weekend and more than double the number of auctions held at this time last year (1,316).
Sydney is expected to have its busiest auction weekend of the year with 1,094 homes scheduled to go under the hammer. This weekend's auction activity was up 18.0% from last weekend (927) and up 35.6% from this time last year.
With 1,083 auctions scheduled across the city, Melbourne auction activity is expected to be 10.3% higher than last weekend.
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The spring selling season continues to ramp up, which will test the market and should continue to weigh on prices:
