Auctions slump across country

by AB11 Jun 2014
Auction volumes slumped across the capital cities last week, as new data showed the number of owner occupier housing finance commitments was flat over April.

A preliminary weighted average clearance rate of 59.9% was recorded this week across capital cities compared to 66.4% last week and 61.4% this time last year, according to RP Data.

The year’s high was 76.2%, recorded in late February.

In the Sydney market, a preliminary clearance rate of 65.7% was recorded compared to 73% last week, RP Data said.

Melbourne recorded a preliminary clearance rate of 61% recorded compared to 65.4% last week.

In Brisbane a preliminary clearance rate of 42.9% was recorded compared to 42.5% last week, and Adelaide recorded 63% compared to 55.3% last week. In Tasmania four homes sold from 17 auctions, RP Data said.

Australian Bureau of Statistics data released yesterday showed over April, 43.0% of all lending was to owner occupiers for non-refinances, 39.4% was to investors and 17.6% was to owner occupiers for refinances.

First home buyers accounted for just 12.3% of all owner occupier housing finance commitments over the month. There were 6,074 housing finance commitments to first home buyers in April, -7.3% lower from the month before.

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