Auction clearances stuck below 50% in March quarter

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CoreLogic has released its quarterly auction market report, which has reported a combined capital city clearance rate of only 49.9% over the March quarter, alongside tanking volumes:

Around half of all homes up for auction across Australia’s capital cities sold during the first quarter of 2019, with the latest CoreLogic Quarterly Auction Market Review showing a clearance rate of 49.9 per cent across the combined capitals. This is an increase of +6.6 percentage points on the December quarter results.

While clearance rates for the March quarter are on the up, they pale in comparison to the same quarter last year, when 64.6 per cent of properties across the combined capitals sold at auction.

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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.