Final auction clearance rate at 16-month high

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 5.2% decline in the final national auction clearance rate to 65.4% – well above the same weekend last year (57.0%) and exactly the same as last week’s:

As you can see,¬†Sydney’s final auction clearance rate was 8.7% lower, whereas Melbourne’s was 2.5% lower. However, both final clearances in Sydney and Melbourne were well above last year’s 55.2% and 59.9%.

The chart below shows the bounce in auction clearance rates nationally:

The below charts plot the trend change in final clearances in Sydney and Melbourne against dwelling value growth:

As you can see, the bounce in clearance rates is pointing to prices rebounding.

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