Australian auction clearance rates remained below 50% in early October, suggesting recent prices declines are likely to continue in the period ahead.
Helping to explain the downward revision, Sydney’s final clearance rate was revised down from 53.5% to just 46.1%, coming within a whisker of exceeding the 43.8% level reported in the final week of September that was the lowest in a decade.
Across the smaller capital city markets, clearance rates improved in Adelaide and were unchanged in Perth and Hobart.
Looking to the week ahead, auction volumes will lift substantially with 1,725 properties currently expected to go under the hammer. Much of that reflects a rebound in activity in Melbourne with 860 properties being put up for sale. Sydney, in comparison, is expected to see volumes fall to 584.