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.