Auction clearance rates in Sydney and Melbourne have remained steady as the spring selling season begins, though experts caution that a surge in listings could pose challenges to the ongoing housing recovery. Nationally, 71.4% of homes listed for auction found buyers last week, with Sydney’s clearance rate at 74.9% and Melbourne’s at 68.7%, according to CoreLogic.
The spring selling season is underway, with over 2,000 auctions conducted each week recently and approximately 2,300 scheduled for the coming week. Tim Lawless, CoreLogic’s research director, noted, “With the increase in fresh listings, market demand will be tested in the coming weeks and months.”
Louis Christopher, founder of SQM Research, anticipates a decline in auction clearance rates for Sydney and Melbourne, which may lead to price reductions in both cities for the remainder of the year.
Despite these forecasts, some properties continue to exceed their reserve prices, indicating strong interest in high-quality listings, while other market segments remain more subdued.
