Final auction clearance rate tumbles back into the 40s

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 3.0% decline in the final national auction clearance rate to 58.0% – well below the same weekend last year (53.8%) and below last week’s 58.0%:

As you can see, Sydney’s final auction clearance rate was 6.6% lower, whereas Melbourne’s was 1.9% lower.

The chart below shows the bounce in auction clearance rates:

According to CoreLogic:

The combined capital city final auction clearance rate came in at 48.3 per cent last week, which was lower than the 58 per cent the previous week. The lower clearance rate was across a lower volume of auctions over what was the Queen’s birthday long weekend, which saw 805 homes taken to auction, down on the 1,661 auctions the prior week. One year ago, 904 auctions took place returning a higher 53.8 per cent clearance rate.

As you can see above, the smaller capitals were behind the plunge in auction clearances into the 40s.

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