Auction clearances firm

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Core Logic-RP Data released its auction market report yesterday, which posted a small rise in the national auction clearance rate, driven by Sydney.

The preliminary national auction clearance rate was 68.9% this week, up from the 67.5% clearance rate recorded last weekend, according to Core Logic-RP Data:

ScreenHunter_12976 May. 15 19.21

Sydney’s preliminary clearance rate rose by 3.0% to 75.6%, whereas Melbourne’s fell by 0.6% to 70.6%. Clearances in Brisbane, which typically only has a small number of auctions, rose by 6.3% to 51.2%, whereas Adelaide’s preliminary auction clearance rate rose by 7.2% to 67.9%. However, overall auction volumes fell to 1,824 compared to 2,182 last week:

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ScreenHunter_12975 May. 15 19.21

As shown in the next chart, Melbourne auction clearances were 7.7% lower than the same weekend last year:

ScreenHunter_12977 May. 15 19.21
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However, Sydney’s clearance rate was 9.4% lower than the same weekend last year:

ScreenHunter_12978 May. 15 19.22
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.