Auction clearances down on weak volumes

Core Logic-RP Data released its auction market report yesterday, which posted a fall in the national auction clearance on weak volumes owing to the Queen’s Birthday public holiday.

The preliminary national auction clearance rate was 67.2% this week, down from the 70.4% clearance rate recorded last weekend, according to Core Logic-RP Data:

Sydney’s preliminary clearance rate fell by 0.4% to 76.3%, whereas Melbourne’s fell by 4.5% to 66.9%. Clearances in Brisbane, which typically only has a small number of auctions, fell by 10.9% to 46.5%, whereas Adelaide’s preliminary auction clearance rate surged by 22.8% to 78.3%. However, overall auction volumes fell to 1,053 from 1,953 last week:

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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.