Sydney’s auction clearance rate has dipped below 70 per cent as wary buyers hold fire, in a sign of a softening market.
Sydney’s auction clearance rate dropped below 70 per cent for the first time since March, with 69.1 per cent of auctioned properties selling under the hammer, according to preliminary figures out from data house CoreLogic.
Across the five capital cities, preliminary clearance rates hit 71 per cent, slightly up on last week’s 70.2 per cent. However, volumes dropped 11.7 per cent, with 1742 properties sent to auction compared with 1973 the previous week, CoreLogic reported. Brisbane recorded a strong preliminary clearance rate of 74.6 per cent, however that was across just 83 properties sent to auction, according to CoreLogic. Adelaide was the busiest of the smaller markets, with 76.7 per cent of the 105 properties sent to auction sold, according to preliminary figures.SQM Research’s Louis Christopher said Sydney’s weaker result was a sign of things to come.
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