How did the markets finish up in 2017?
As should be expected, the last weekend of auctions for the year saw fewer properties going under the hammer. However, clearance rates were actually on the rise.
Corelogic reported a total of 2,865 auctions were held across the weekend of 16-17 December 2017. This was significantly down on the four weeks prior, where we consistently saw in excess of 3,000 properties taken to auction.
The national clearance rate sat at 64.2 per cent which was higher than the weekend prior’s 59.5 per cent, indicating there were still plenty of buyers keen to snap up a new home before Christmas.
When compared to the same time last year, listings were slightly higher in 2017 with clearance rates slightly lower (2,735 and 68.3 per cent in 2016).
Looking at results within Belle Property, the last weekend of auctions for 2017 delivered a clearance rate of 73 per cent for our network and we are very pleased that our results consistently out-performed the industry standard throughout the year. As we look towards 2018, we remain cautiously confident in the stability of metropolitan property markets.