Sydney auctions white hot versus last year

CoreLogic released its preliminary auction market report yesterday, which posted a small fall in the preliminary national auction clearance rate.

The preliminary national auction clearance rate was 75.6% this week, down from the 77.5% recorded last weekend, but still a big increase from the 59.5% recorded in the same weekend of last year:

Sydney’s preliminary clearance rate fell by 0.9% to 81.2%, whereas Melbourne’s fell by 1.1% to 79.4%. Clearances in Brisbane fell by 6.6% to 47.5%, whereas Adelaide’s preliminary auction clearance rate fell by 0.2% to 67.9%. Overall auction volumes rose to 2,950 versus 2,490 last week. But volumes were down 7% from the 3,166 recorded in 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.