Core Logic-RP Data released its auction market report yesterday, which posted a further deceleration in the preliminary national auction clearance rate driven by further falls in both Melbourne and Sydney.
The preliminary national clearance rate was 63.3%, down from the 66.6% rate recorded last weekend, according to Core Logic-RP Data:
Sydney’s preliminary clearance rate fell a further 0.9% to 63.5%, whereas Melbourne’s was 65.4%, down significantly from the 69.8% rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 58.2%, up from the 54.8% recorded last weekend. Overall auction volumes (2,493) were down significantly from the 3,086 auctions recorded last weekend on account of the Spring Racing Carnival in Melbourne:
As shown in the next chart, Melbourne auction clearances continue to trend lower and were down 4.2% over the year:
However, Sydney’s clearance rate has plummeted, down 12.1% over the year:
