Auction clearances strengthen

Core Logic-RP Data released its auction market report yesterday, which posted a small fall in the national auction clearance.

The preliminary national auction clearance rate was 70.4% this week, up from the 68.0% clearance rate recorded last weekend, according to Core Logic-RP Data:

Sydney’s preliminary clearance rate rose by 1.7% to 76.7%, whereas Melbourne’s rose by 0.6% to 1.4%. Clearances in Brisbane, which typically only has a small number of auctions, rose by 15.2% to 55.4%, whereas Adelaide’s preliminary auction clearance rate rose by 2.8% to 55.4%. However, overall auction volumes fell to 1,953 from 2,419 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.