Sydney auction clearances retrace

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Core Logic released its auction market report yesterday, which posted a flat preliminary national auction clearance rate, with Sydney’s clearances retracing from last week’s 14-month high, albeit on low volumes.

The preliminary national auction clearance rate was 76.6% this week, exactly the same as last weekend:

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Sydney’s preliminary clearance rate fell 5.4% to 81.0%, whereas Melbourne’s rose by 2.9% to 79.0%. Clearances in Brisbane, which typically only has a small number of auctions, fell by 9.3% to 47.2%, whereas Adelaide’s preliminary auction clearance rate rose by 2.6% to 68.8%. Overall auction volumes rose to 2,113 versus 1,747 last week. However, volumes were down significantly from the 2,654 recorded at the same weekend last year:

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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.