Auction clearances stay strong but volumes weak

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CoreLogic released its auction report yesterday, which revealed another weekend of strong auction conditions, despite the national auction clearance rate falling to 74.6% from 76.9% last weekend, still well above the 67.7% recorded in the same weekend last year:

However, auction volumes nationally (1,662) were below the same weekend last year (2,230).

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As shown above, Sydney’s auction clearance rate was 77.8%, below the 78.4% recorded last weekend, but above last year’s 71.8%. Auction volumes were lower than last year’s, with 585 homes going under the hammer versus 676 on the same weekend last year:

Melbourne’s auction clearance rate fell to 78.4% versus the 79.9% recorded last week, but was above last year’s clearance rate of 73.2%. However, auction volumes were way lower (782 versus 1,150):

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In Brisbane, the auction clearance rate rose to 60.8% from 56.3% last week, and was way above last year’s 41.2%. However, auction volumes were way lower (105 versus 195):

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Finally, in Adelaide, the clearance rate rose to 66.7% versus 65.4% last week, and was up on the same weekend last year (59.8%). Auction volumes were roughly the same as last year’s (95 versus 94):

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.