Auction rates have fallen off a cliff in these five regions

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Auction clearance rates across Australia’s capital cities have plummeted to just 43.6 per cent from 62.3 per cent a year earlier, the latest data reveals.

That’s a fall of nearly 20 per cent, property research house CoreLogic noted.

But the falls in auction rates weren’t confined to the capital cities.

Over the December 2018 quarter, regional areas saw more homes head to auction but less sell, mirroring capital city activity.

There were the five regions which saw the worst quarterly falls in clearance rates over the last quarter.

Source: CoreLogic

The Gold Coast saw the highest number of auctions (616) over the three months to the end of December, followed by Geelong (579).

The Hunter region has seen a whopping 25.3 per cent fall in clearance rates when comparing across the December 2018 and 2017 quarters. Wollongong has suffered a similar 24.5 percent fall.

And Geelong has seen its clearance rate fall from 80.1 per cent in December 2017 to 51.3 per cent, a difference of 28.8 per cent.

This is how each capital city performed

Source: CoreLogic

House prices across the country saw their steepest fall in 15 years last year, Domain found yesterday.

The median house value fell 6.5 per cent over 2018 to $766,438.

The real estate giant put the decline down to tightening lending standards and lower access to credit.

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