Melbourne drives auctions lift

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Core Logic-RP Data released its auction market report yesterday, which revealed a rise in the national auction clearance rate.

The preliminary national clearance rate was 77.0%, up from the 75.7% rate recorded last weekend, according to Core Logic-RP Data:

ScreenHunter_8722 Aug. 09 19.15

Sydney’s clearance rate fell by 1.0% to 77.8%, whereas Melbourne’s was 78.6%, up from the 76.8% clearance rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 61.8%, up from the 60.6% recorded last weekend. Overall auction volumes (2,378) were up significantly from the 1,862 auctions recorded last weekend:

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ScreenHunter_8721 Aug. 09 19.15

As shown in the next chart, Melbourne auction clearances are gradually trending down from a high level, but are still up 9.0% over the year:

ScreenHunter_8723 Aug. 09 19.15
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Sydney’s clearance rate is also slowly coming-down from the stratosphere, but is up 3.1% over the year:

ScreenHunter_8724 Aug. 09 19.15

Full RP Data auction report here.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.