Core Logic released its auction market report yesterday, which posted a small fall in the preliminary national auction clearance rate, although Sydney’s clearance rate hit the highest level since the first week of June 2015 (88.7%), albeit on relatively low volumes.
The preliminary national auction clearance rate was 76.6% this week, down slightly from the 77.8% preliminary clearance rate recorded last weekend, according to Core Logic:
Sydney’s preliminary clearance rate jumped another 4.8% to 86.4%, whereas Melbourne’s fell by 3.8% to 76.1%. Clearances in Brisbane, which typically only has a small number of auctions, rose by 7.2% to 56.5%, whereas Adelaide’s preliminary auction clearance rate fell by 6.5% to 66.2%. Overall auction volumes rose to 1,747 versus 1,444 last week. However, volumes were down significantly from the 2,248 recorded at the same weekend last year:
As shown in the next chart, Melbourne auction clearances were up by 1.8% versus the same weekend last year, although auction volumes were down by 19%:
Sydney’s clearance rate was up by 10.2% against the same weekend last year, although auction volumes were down by 30%:
