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 4.3% decline in the national auction clearance rate to 41.0%, with Sydney’s auction clearance rate diving 6.8% to 41.3% and Melbourne’s falling 2.3% to just 43.8%:
It was the lowest national clearance rate since October 2011.
The below time series chart shows the collapse nationally:
And here are the results across Sydney’s and Melbourne’s sub-markets:
The collapse in auction clearances suggests dwelling values will likely continue to fall at an increasing rate: