Core Logic-RP Data released its auction market report yesterday, which posted a fall in the national clearance rate driven by the ongoing slump in Sydney and a sharp drop in Melbourne’s clearance rate.
The preliminary national clearance rate was 60.8%, down from the 63.8% rate recorded last weekend, according to Core Logic-RP Data:
Sydney’s preliminary clearance rate fell a further 1.7% to 59.3%, whereas Melbourne’s was 64.7%, down significantly from the 69.5% rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 43.6%, down from the 45.9% recorded last weekend. Overall auction volumes (3,087) were down from the 3,226 auctions recorded last weekend:
As shown in the next chart, Melbourne auction clearances continue to trend lower and are down 1.4% over the year:
However, Sydney’s preliminary clearance rate is crashing, down by 12.5% over the year and 34% from the peak:
