Core Logic-RP Data released its auction market report yesterday, which posted a small rebound in the national auction clearance rate amid an ongoing downward trend.
The preliminary national clearance rate was 71.3%, up from the 70.7% rate recorded last weekend, according to Core Logic-RP Data:
Sydney’s clearance rate rose by 1.0% to 74.2%, whereas Melbourne’s was 73.3%, the same clearance rate recorded as last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 58.9%, up from the 52.8% recorded last weekend. Overall auction volumes (2,820) were up significantly from the 2,493 auctions recorded last weekend:
As shown in the next chart, Melbourne auction clearances continue to trend down from a high level and are now down by 4.0% over the year:
Sydney’s clearance rate is also coming down from the stratosphere, and is down 2.7% over the year:
