Australia markets closed
  • ALL ORDS

    6,971.60
    +28.60 (+0.41%)
     
  • AUD/USD

    0.7684
    +0.0002 (+0.02%)
     
  • ASX 200

    6,739.60
    +28.80 (+0.43%)
     
  • OIL

    67.19
    +1.10 (+1.66%)
     
  • GOLD

    1,698.70
    +0.20 (+0.01%)
     
  • BTC-AUD

    64,896.89
    +344.06 (+0.53%)
     
  • CMC Crypto 200

    1,007.96
    +64.78 (+6.87%)
     

The best and worst cities to auction your house, revealed

Lucy Dean
Houses going to auction are most likely to sell in Adelaide, but least likely to sell in Perth. Image: Getty
Houses going to auction are most likely to sell in Adelaide, but least likely to sell in Perth. Image: Getty

Sellers in Adelaide are the most likely to achieve a good result at an auction, but for their cousins in Perth, the latest auction figures could be concerning.

Of the 198 Perth houses taken to auction in spring to date, only 30.8 per cent have sold, or cleared, at auction.

Also read: 3 ways the Aussie property market will change in the next 10 years

That’s down from 44.4 per cent over the same period in 2017, the latest figures from research group, CoreLogic reveal.

It’s not just Perth that’s struggling, either. As CoreLogic analysts explained, auction conditions across all capital cities are at their most “sombre” since 2012.

In fact, across all capital cities, half of all houses auctioned in the last eight weeks have failed to sell. It’s a similar story for apartments, with only 53.9 per cent clearing auction in the last eight weeks. That’s down significantly from the same period in 2017, when 67.7 per cent of apartments were clearing auction.

Also read: World’s best country to grow old in revealed

“The lower year on year results is hardly a surprise given home values have been in decline for 12 consecutive months now, and if our weekly clearance rates over the past four weeks are any indication it’s likely this will weaken further,” the research analysts warned.

Even Adelaide’s current clearance rate (61.3 per cent) is down from this time last year (62.5 per cent), despite having the highest clearance rate out of all capital city markets.

Also read: Home values in Sydney and Melbourne are falling by $1000 per week

“Traditionally coming out of winter, the months following are usually seen as an optimal time to sell, with an increase in both the number of newly advertised homes for sale and weekly auction volumes,” the analysts said.

“However, while we’ve seen the usual seasonal uplift in the number of homes being auctioned, auction volumes are tracking at their lowest level over the spring to date period this year relative to the same eight week period over the past five years, while the combined capital clearance rate has seen further softening with less than half of homes selling at auction over the past four weeks.”

Also read: Politicians are the biggest threat to our economy: Economist

All capital cities
Source: CoreLogic
Source: CoreLogic
Melbourne
Source: CoreLogic
Source: CoreLogic
Sydney
Source: CoreLogic
Source: CoreLogic
Adelaide
Source: CoreLogic
Source: CoreLogic
Brisbane
Source: CoreLogic
Source: CoreLogic
Canberra
Source: CoreLogic
Source: CoreLogic
Perth
Source: CoreLogic
Source: CoreLogic
Tasmania
Source: CoreLogic
Source: CoreLogic

Get Yahoo Finance’s top news and tips straight to your inbox. Sign up here.