CoreLogic released its auction report yesterday, which reported a small rebound in the preliminary national auction clearance rate to 56.7% from 59.1% last weekend (later revised down to 54.9%).
The preliminary clearance rate was also way below the 69.8% recorded in the same weekend of last year:
Auction volumes nationally were 1,692 – way below the 2,064 recorded in the same weekend last year:
Once revised the numbers nationally are likely to fall into the low-50s.
Preliminary clearances in Sydney (-11.3%), Melbourne (-19.9%), Brisbane (-14.9%), Adelaide (-5.4%), Perth (-10.0%), and Canberra (-23.7%) were all lower than the same weekend last year.
The table shows the breakdown by houses and units:
Domain’s less comprehensive auction results were similarly weak, with a huge number of unreported auctions:
There’s more correction ahead in these numbers. Via the AFR:
SQM Research’s Louis Christopher said…Anecdotally, sellers are showing more signs of capitulating and a willingness to meet where the market is now at, according to Mr Christopher.
“I’ve been hearing this more and more from sellers: ‘I just want to get out. I’ve been holding too long, I want out.'”
…But in Mr Christopher’s view, Melbourne is a market which is still deteriorating…That’s quite weak for Melbourne. The level suggest housing prices are still falling in Melbourne.”
They’re still falling everywhere.
