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How the long weekend impacted property sales

Aerial shot of property

Some Australian states had a public holiday on Monday for the Queen’s birthday, and it showed in auction and clearance rate results.

CoreLogic’s data suggest that 803 homes were taken to market across the combined capital cities.

The result was subdued, with preliminary auction figures showing a clearance rate of 51.3 per cent, which is down around 7 percentage points from last week’s rate of 58 per cent.

Comparing the result with 2018, 904 homes were taken to auction, returning a final clearance rate of 53.8 per cent.

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The lower weighted average result can partly be attributed to weaker results across the smaller capital cities, with all returning preliminary results below 50 per cent.

Australia’s two biggest capital cities, Melbourne and Sydney, had a preliminary clearance rate of 64.7 and 62.8 per cent, respectively.

However, the number of properties up for auction fell significantly across Melbourne and Sydney with 216 and 310 going to auction, down from 730 and 677 for the previous week.

CoreLogic projects, as more figures come in, the clearance rate for Melbourne and Sydney could fall below 60 per cent each.

 

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How the long weekend impacted property sales
Aerial shot of property
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Cameron Micallef

Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets. 

Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.

You can contact him on: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Anonymous - This is silly. Most countries would think 3 per cent was fantastically low. Further, who measures how much economic activity is being destroyed by.......
Anonymous - What a load of rot! What is he comparing the detriment to, and how much does the GFC effects factor into his farcical calculations? ....
Anonymous - In other words, sack advisers and cut costs. It's the financial version of #me too movement.....
Anonymous - If that's after tax pay then I'm screwed.....