Auction clearances sealed in bubble

The national auction clearance rate rose over the weekend, continuing the strongest run of results for around six years.

The preliminary national clearance rate was 78.4%, up from the 76.4% recorded last weekend, according to Core Logic-RP Data:

Sydney’s clearance rate rose 1.4% to 86.9%, whereas Melbourne’s jumped by 5.7% to 80.0%. Clearances in Brisbane, which typically only has a small number of auctions, were 51.2%, down from 53.7% last weekend. Overall auction volumes (2,470) were also up on the 2,127 auctions recorded last weekend:

As shown in the next chart, Melbourne auction clearances are locked at a high level, up 13.4% over the year:

Sydney’s clearance rate also remains in the stratosphere, up 13.8% over the year: