Adelaide’s auction market continues to kick goals as a new report reveals it recorded the highest clearance rate of any mainland city over the December quarter.
According to CoreLogic’s latest Quarterly Auction Market Review report, Adelaide’s clearance rate for the period was 48.5 per cent, up 4.9 per cent on the national average of 43.6 per cent, and 1.6 per cent more than Canberra at 46.9 per cent.
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The traditionally hot auction markets of Melbourne and Sydney delivered clearance rates of 45.4 per cent and 43.1 per cent respectively.
Adelaide’s clearance rate was lower than this time last year, however, when it was 63.3 per cent.
CoreLogic auction analyst Kevin Brogan said Adelaide looked set for a steady year ahead, but that the national market was flatter due to toughening lending criteria.
“As a nation we are facing headwinds in terms of the residential property market because of the restrictions on the availability of housing credit, and Adelaide is not immune to those restrictions,” he said.
“However, the impact has been significantly greater in the eastern states, and I think what we are seeing with that softening in Adelaide is that they are having an impact here, but it’s a lesser impact.
“I expect Adelaide’s outlook will remain fairly steady albeit in the face of headwinds brought about predominantly by the restrictions on mortgage lending.”
SA’s most successful auction suburb was Prospect, with a clearance rate of 57 per cent.
Of its 33 auctions in the quarter, 19 sold under the hammer.