Core Logic-RP Data released its auction market report yesterday, which posted a slight rise in the preliminary national clearance rate driven by a rebound in Melbourne.
The preliminary national auction clearance rate was 59.3%, up marginally from the 59.2% preliminary rate recorded last weekend, according to Core Logic-RP Data:
Sydney’s preliminary clearance rate rose 2.3% to 55.2%, whereas Melbourne’s was 65.7%, up from the 63.0% rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 46.0%, down slightly from the 46.6% recorded last weekend. Whereas Adelaide’s preliminary auction clearance rate fell sharply, down from 70.8% last weekend to 51.6%, albeit off low volumes. Overall auction volumes (2,948) were also down from the 3,209 auctions recorded last weekend:
As shown in the next chart, Melbourne auction clearances continue to trend lower and are down 2.9% over the year:
However, Sydney’s preliminary clearance rate has crashed, down by 14.6% over the year and 39% from the peak, and approaching 3-year lows:
