The impact from the more restrictive borrowing environment is clearly evident in CoreLogic’s preliminary auction results for the 2 week period ending 19th October 2018.
Of the 67 properties taken to auction in this reporting period, 30 have been reported as sold, indicating a clearance rate of 44.7%. In comparison, the average number of properties auctioned per fortnight between March and September 2018 is 198, with an average clearance rate of 60%.
Comparing results at a state level, overall Victoria continues to deliver the strongest results with the highest number of auctions reported and a clearance rate of 50% for the past fortnight.
At a national level, industrial type commercial property continues to be the most prevalent property type sold at auction.