Auction clearances remain strong off low volumes

Core Logic released its auction market report yesterday, which posted a lift in the preliminary national auction clearance rate, led by Sydney.

The preliminary national auction clearance rate was 78.4% this week, up from 76.6% last weekend and 73.2% in the same weekend of last year:

Sydney’s preliminary clearance rate rose 2.9% to 83.9%, whereas Melbourne’s rose by 0.3% to 79.3%. Clearances in Brisbane, which typically only has a small number of auctions, rose by 11.2% to 58.4%, whereas Adelaide’s preliminary auction clearance rate rose by 11.9% to 80.7%. Overall auction volumes fell to 1,858 versus 2,113 last week. Volumes were also down significantly (19%) from the 2,297 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.