Property clearance rates remain strong in Sydney and Canberra

Despite plenty of headwinds and a high volume of homes withdrawn from auction, activity in the property market is holding up across a number of capital cities, according to recent data from CoreLogic.
As many as 1,344 homes in capital cities were taken to auction during the week ending 26 July, with preliminary clearance rates coming in at 59%. This was similar to the previous week’s result, which was later revised down to 53%.
In Sydney, 602 homes were taken to auction, returning a preliminary clearance rate of 68.3%. This marks an improvement from the previous week, when a total of 515 auctions returned a final clearance rate of 61.4%.
Canberra saw the highest preliminary clearance rates, with 80.5% of properties successfully sold at auction. Meanwhile, 60.7% of properties were cleared in Adelaide, 43.9% in Brisbane, and 28.6% in Perth.
With plenty of challenges currently plaguing the Melbourne market, Corelogic expects the final clearance rate for the week to settle around 50%.
How is the Melbourne market faring?
As expected, the reintroduction of lockdown measures has hampered activity in the Melbourne housing market, with 41.8% of properties listed for auction subsequently withdrawn. Since withdrawn auctions are counted as non-sales, this has equated to a preliminary clearance rate of 49.8%.
The large volume of cancelled auctions reflects similar trends to those we saw when social distancing measures were first introduced. Then, the percentage of withdrawn auctions across Melbourne reached as high as 64.7% in the week ending 12 April.
However, if withdrawn auctions are removed from the picture, clearance rates return an adjusted reading of around 80%, suggesting that while many sellers have gotten cold feet, there is still plenty of appetite among buyers.
Given real estate agents were quick to adapt to online sales methods during the first round of lockdown, pivoting to virtual home viewings and auctions once again shouldn’t pose too much of a challenge.
But buyers’ level of comfort with these methods remains an open question, and CoreLogic notes that more properties tend to sell before auction than via virtual auction. Of the 224 homes that were successfully cleared in Melbourne over the week ending 26 July, more than half were transacted prior to the scheduled auction date.
For more information about property trends, visit our home loan statistics page, where you’ll find a historical overview of the home loan market in Australia. And if you’re looking to buy or refinance, browse our home loans comparison page for a look at what’s available.
Home loan comparisons on Mozo - last updated 8 December 2023
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Featured Product
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Unloan Variable
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Initial monthly repayment5.74% p.a. variable5.65% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
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For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
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- 5.65% p.a.
- interest rate
- 5.74% p.a. variable
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- 5.65% p.a.
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Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.15% p.a. variable6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
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Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
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- 6.15% p.a.
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- 6.15% p.a. variable
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Variable Rate Home Loan Special Offer
Package, Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.51% p.a.Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
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Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
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- 6.51% p.a.
- interest rate
- 6.14% p.a. variable
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- 6.51% p.a.
- Upfront fees
- $0
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- $395.00 yearly
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- 80.00%
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- Variable
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Read our Mozo Review to learn more about the Credit Union SA Variable Rate Home Loan Special Offer
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Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
interest rate
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Initial monthly repayment6.14% p.a. variable6.43% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
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- 6.43% p.a.
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- 6.14% p.a. variable
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- 6.43% p.a.
- Upfront fees
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- $250.00
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- yes - free
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- Maximum loan to value ratio
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- Variable
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Read our Mozo Review to learn more about the ING Mortgage Simplifier
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Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Investment, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.04% p.a. variable5.95% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 5.95% p.a.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 5.95% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
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- Maximum loan to value ratio
- 80.00%
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- $10,000
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- $10,000,000
- type of mortgage
- Variable
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- Weekly, Fortnightly, Monthly
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- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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