Australian national auction volumes down 19.2%
Share
- National auction volumes in Australia dropped by nearly 20% year-on-year to 1,273 listings.
- The preliminary national clearance rate remained weak at 53.6% across the country.
- Cotality stated that fewer vendors are choosing auctions as a primary method of property sale.
Data provider Cotality reported that national auction volumes in Australia fell 19.2% year-on-year to 1,273 listings.
This represents the eleventh consecutive week where auction volumes were lower relative to the previous year.
"That is typical of a downturn," said SQM Research founder Louis Christopher.
National Australia Bank (ASX:NAB) previously revealed that overall demand for new home loans dropped 15% over three months.
Following the announcement, the NAB share price was unchanged at $41.33.
Industry experts attribute the current vendor retreat to weaker clearance rates across major markets like Sydney and Melbourne.
