The preliminary clearance rate bumped up to 68 per cent across the capital cities over the past week as auction numbers nearly tripled.
A greater willingness among vendors to meet the market after last year’s steep house price falls lifted auction clearance rates noticeably this week as sales kicked back into gear.
CoreLogic’s Daily Home Value Index is tracking a fall in house prices of about a 1 per for the combined capital cities over January. Final monthly figures will be released on Wednesday.Economists including AMP Capital’s Shane Oliver expect a further fall of about 8 per cent until around September, resulting in a top-to-bottom fall of 15 to 20 per cent.
He said the housing market would start to stabilise and return to more normal settings once it was clear interest rates had reached a ceiling, and a bit of a lag to any recovery was likely.as many homeowners revert to much higher variable rates and larger monthly repayments, would also play a role in any return to house price growth, he said.
Of the smaller auction markets, Adelaide was the busiest and the most successful, according to CoreLogic.Brisbane hosted 98 auctions and returned a preliminary clearance rate of 60 per cent while Canberra hosted just 36 auctions, of which just over half sold under the hammer. There were just three auctions in Perth and Hobart.
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