Final auction clearances remain stillborn

By Leith van Onselen

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 5.0% decline in the final national auction clearance rate to 52.2% – slightly below last week’s final clearance rate of 52.6%:

As you can see, Sydney’s final auction clearance rate was 6.1% lower, whereas Melbourne’s was 6.5% lower.

The chart below shows a small bounce in auction clearance rates, which is typical this time of year:

Indeed, final auction clearances were still 7.1% (Sydney) and 16.6% (Melbourne) below the same weekend last year when dwelling values were also falling.

The auction market across Sydney and Melbourne clearly remains in the gutter, suggesting house prices will continue to fall.

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