- Clearance rate is 84.5%, up from 68.6% this time last year
- Value for the capital cities has increased on average by 0.5% over the past week
- Total number of new listings, however, are up by an average of 7.9%
CoreLogic’s Property Market Indicator Summary for this week has shown over 1,587 capital city homes were taken to auction this week.
Preliminary data collected by CoreLogic so far suggests the clearance rate is 84.5%, much higher than the rate of 68.6% seen this time last year.
However, it is not just clearance rates that have increased.
According to other data from CoreLogic, the values of the five largest capital cities have increased when measured by weekly, monthly and year-to-date changes. This may not be surprising given that the overall total number of listings has decreased nationally.
Capital city values for the five largest cities increased last week with all the million-plus cities recording a weekly increase between 0.3% in Perth and 0.7% in Sydney, with 0.5% being the average.
This represents a monthly increase of 2.3% averaged out for the five cities and 3.2% when measured as a year-to-date change.
The total number of listings in the capital cities has dropped substantially by 16.9% over the past 12 months with Melbourne the only capital recording a yearly increase in listings up by 2.5%. Darwin saw the greatest decrease at 39.1% – double the combined capitals percentage.
Number of new homes for sale, combined capital cities
This follows a trend that has been occurring since 2019 when the total number of listings has been gradually declining, as shown in the graph above.
Interestingly, the total number of new listings, however, has been following the same pattern since March 2012 with each year having a drop over summer – which is expected due to many taking time due to Christmas, New Year and the School Holidays.
There was a sharp drop just after March 2020 when the pandemic started having an impact but this soon recovered to levels not far off from the previous year.
All the capitals bar Hobart and Adelaide recorded an increase over the 12 months. Perth leads the way with a 31.2% increase, quadrupling the combined capital’s average of 7.9%. Adelaide had a slim decrease of 0.2% with Hobart showing a 6.3% decrease.