Australia has just had one of its busiest weeks of the year for homes going to auction but buyers are less enthusiastic, with the number of auctions resulting in sales well down on what is was a year ago.
The number of homes that went under the hammer across all capital cities in the week to November 26 was 3,409, making it the third-busiest week this year so far, figures from property analytics group CoreLogic show.
CoreLogic says the preliminary clearance rate for the week is 66.9 per cent, however that is expected to drop to the mid-to-low 60 per cent range when final figures come in – the sixth week in a row that successful sales have been down around that level.
The sales rate is much weaker than the 73 per cent clearance rate recorded for the same week a year ago, when 3,398 homes were up for auction.
Sydney’s home values were down 0.5 per cent over the month, while Melbourne’s prices were up 0.4 per cent and Brisbane, Adelaide and Perth were unchanged.
In the past 12 months, Sydney prices were up 6.1 per cent, Melbourne values rose 10.4 per cent, Brisbane’s lifted 2.5 per cent and Adelaide’s gained 3.9 per cent, while Perth’s were down 2.7 per cent.
Sydney’s median house price is now $945,000 and unit price $712,500, Corelogic said, while Melbourne’s median is $755,000 for houses and $551,000 for units.