Auction clearances remain strong

Auction clearance rates remained strong over the weekend, with the preliminary rate nationally coming in at 75.7%, down slightly from 77.0% last weekend:

Auction clearances were also way above the 51.8% recorded in the same weekend last year:

Sydney’s preliminary clearance rate was 80.3%, down from 83.1% last weekend, but way above the 48.6% recorded in the same weekend last year.

Melbourne’s preliminary clearance was 75.7%, down from 76.6% last weekend, but also way above the 54.1% recorded in the same weekend last year.

Both are pointing to strongly rising prices:

However, auction volumes (1,633) were significantly below last year’s 1,983, suggesting the auction market is not as strong as the headline clearance rates suggest.

Domain’s auction results were similarly strong, but based on a smaller sample size:

Leith van Onselen

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

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