CoreLogic released its preliminary auction market report yesterday, which posted a small fall in the preliminary national auction clearance rate, although auction clearances continue to run way above last year’s levels, especially in Sydney and Melbourne.
The preliminary national auction clearance rate was 74.6% this week, down from the 75.0% recorded last weekend, but way above the 58.2% recorded in the same weekend of last year:
Sydney’s preliminary clearance rate fell by 0.3% to 77.4%, whereas Melbourne’s rose by 0.9% to 80.2%. Clearances in Brisbane fell by 2.3% to 48.1%, whereas Adelaide’s preliminary auction clearance rate rose by 1.6% to 66.0%. Overall auction volumes rose to 3,411 versus 3,173 last week. Volumes were also up significantly from the 2,989 recorded in the same weekend last year:
As shown in the next chart, Melbourne clearances were up by 15.3% versus the same weekend last year with auction volumes also up by 7% year-on-year:
Sydney’s clearance rate was up by 22.7% against the same weekend last year with auction volumes also up by 30%:
