Australia’s capital cities have seen one of the busiest property auction weeks on record, but the clearance rate has slipped below 70 per cent.
CoreLogic figures for the first week of December show 4136 homes went under the hammer, the second busiest week since it began tracking the market in 2008.
In Melbourne the results show a median house price of $1.05 million, and $679,000 for units, while in Sydney the median for homes was $1.68 million and $970,000 for units.
The number of auctions was more than double this time last year but down slightly from last week, when 4251 were held.
Many hopeful vendors aren’t managing to close a deal, with the clearance rate slipping to 69.9 per cent, and 450 homes passed in.
Sydney saw its second busiest week for 2021 with 1467 homes auctioned, while Melbourne had its third busiest week with 1889 homes.
Canberra had the highest preliminary clearance rate at 82.21 per cent followed by Adelaide (76.4 per cent), Brisbane (74.6 per cent) and Perth (43.5 per cent).
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