Clearance rates drop after last week's one-off rise
15 May 2018 Eliot Hastie
The latest CoreLogic data showed that clearance rates decreased to 61.0 per cent after a slight rise last week to a clearance rate of 62.1 per cent.
The decrease is in line with the annual trend, with clearance rates over 10 percentage points lower than the same time last year, according to the latest CoreLogic Property Market Indicator.
Once clearance rates are finalised early this week, it is highly likely they will be revised, with both Sydney and Melbourne rates potentially falling below 60 per cent, the report said.
Individually, it was a slower week for new listings, with the only increase occurring in Hobart with 6.9 per cent.
All other cities experienced a decrease, with the largest drop occurring in Darwin with a -22.2 per cent decrease and in Canberra with -20.3 per cent decrease.
Perth fell by 1.3 per cent, Brisbane by 5.8 per cent, Sydney by 10.4 per cent, Melbourne by 2.0 per cent and Adelaide by 2.1 per cent.
Home values in the marketplace remain mostly unchanged with a 0 per cent dip in the week, with most capitals remaining unchanged and only Perth experiencing a 0.1 per cent drop.
Adelaide bucked the trend and managed to have a 0.2 per cent rise but is still down from this time last year.
Houses remained slightly more popular than units, with the median time on market slightly increasing, although Hobart, Canberra and Melbourne yet again were the top performers at 30 days, 30 days and 31 days, respectively.
In Melbourne, units were also on the market for 31 days, making it the only capital city with the same average time on markets.
The worst performers for houses were Brisbane, Darwin and Perth at 61 days, 90 days and 72 days, respectively.
In Darwin, Hobart and Sydney, houses performed worse than units, with the average time on market for Darwin houses being 90 days compared to 76 days for units; in Hobart houses were 30 days and units only 25 days; and in Sydney the house average was 40 days while units were 38 days.
Vendor discounting across most capital cities was between 3.0 per cent and 7.3 per cent for houses and between 2.5 per cent and 6.7 per cent for units.
Hobart and Canberra were the low-end exceptions for houses, at 3.4 per cent and 3.0 per cent, respectively, and Hobart was also the low-end exception for units at 2.5 per cent.
Perth and Darwin both had vendor discounts of -7.3 per cent for houses and Perth was the high-end exception for units with 6.7 per cent.
Eliot Hastie