Auction clearance rate above 60% for fourth straight week

After last week’s final auction clearance rate hit a 15-month high, CoreLogic’s preliminary auction clearance rate for the weekend’s auctions rose to 68.9% from 66.5% last weekend – the fourth consecutive week that the clearance rate was above 60%:

However, auction volumes fell to 945 – well down on last year’s 1,411:

When the final results come in later in the week, the national clearance rate should fall to the mid-60s, with Sydney’s in the low-70s and Melbourne’s in the high 60s.

Domain’s auction results were lower but based on a much smaller sample. These too showed preliminary clearance rates well above 60.

 

Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith is an economist and has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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