Final auction clearance rate highest in 13 months

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 4.6% decline in the final national auction clearance rate to 61.8% – well above the same weekend last year (52.4%) and way above last week’s 48.3%:

It was the highest final clearance rate since 6 May 2018.

As you can see, Sydney’s final auction clearance rate was 8.3% lower, whereas Melbourne’s was 3.0% lower. However, both final clearances in Sydney and Melbourne were well above last year’s.

The chart below shows the bounce in auction clearance rates:

According to CoreLogic:

Last week’s improved clearance rate was across a higher volume of auctions (1,505) and also happened to be the highest weighted average seen since 6 May 2018 (62.1 per cent). While clearance rates have seen some improvement over the last few weeks, volumes are still tracking lower year-on-year with 2,002 homes taken to market over the same week last year when 52.4 per cent cleared.

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