Last weekend, CoreLogic released its preliminary auction clearance rates, which revealed the following results:
Today, CoreLogic has released its final auction results, which reported a large 4.7% decline in the national auction clearance rate to 42.7%, with Sydney’s auction clearance rate diving 5.1% to just 42.6% and Melbourne’s falling 4.8% to 45.7%:
The below time series chart shows the collapse nationally:
According to CoreLogic:
The weighted average clearance rate saw further softening last week, with only 42.7 per cent of homes successful at auction… Both volumes and clearance rates continue to track lower each week when compared to the same period last year (2,046 auctions, 61.5 per cent).
In Melbourne, final results saw the clearance rate fall last week, with 45.7 per cent of the 266 auctions successful, down from the 48.6 per cent across a significantly higher 1,709 auctions over the week prior.
Across Sydney, the final auction clearance rate came in at 42.6 per cent… Sydney’s final clearance rate last week was not only the lowest seen this year, but the lowest the city has seen since December 2008.
You will also note from the second table above that 143 out of Sydney’s 813 auctions (i.e. 18%) were unreported, whereas 56 out of Melbourne’s 266 (i.e. 21%) were unreported. Presumably many of these were failed auctions, thus suggesting that the true auction clearance rate is even lower.
Australia’s housing market continues to weaken.