Auction clearances jump led by Sydney

Core Logic released its auction market report yesterday, which posted a jump in the national auction clearance rate but on soft volumes.

The preliminary national auction clearance rate was 73.9% this week, up from the 70.7% clearance rate recorded last weekend, according to Core Logic:

Sydney’s preliminary clearance rate jumped by 5.1% to 75.3%, whereas Melbourne’s rose by 3.2% to 75.6%. Clearances in Brisbane, which typically only has a small number of auctions, rose by 2.2% to 55.4%, whereas Adelaide’s preliminary auction clearance rate fell by 0.2% to 71.6%. Overall auction volumes rose to 1,585 versus 1,295 last week. However, volumes were down significantly from the 1,903 recorded at the same weekend last year:

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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.