Core Logic-RP Data released its auction market report yesterday, which posted a further deceleration in the national auction clearance rate driven by a sharp fall in Sydney.
The preliminary national clearance rate was 69.3%, down from the 72.0% rate recorded last weekend, according to Core Logic-RP Data:
Sydney’s clearance rate slumped by 6.2% to 66.6%, whereas Melbourne’s was 73.6, down slightly from the 74.1% rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 53.2%, down from the 59.4% recorded last weekend. Overall auction volumes (2,817) were also down slightly from the 2,903 auctions recorded last weekend:
As shown in the next chart, Melbourne auction clearances continue to trend lower, despite being up by 1.9% over the year:
However, Sydney’s clearance rate is falling fast, down 5.4% over the year:
