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 4.7% decline in the final national auction clearance rate to 72.3% – well above the same weekend last year (55.3%) and also above last week’s 70.0%:
As you can see, Sydney’s final auction clearance rate was 7.4% lower, whereas Melbourne’s was 2.6% lower. However, both were in the mid-70s and were way above last year’s 50.6% (Sydney) and 6.0% (Melbourne).
The chart below shows the strong bounce in auction clearance rates nationally:
Commenting on the results, CoreLogic noted:
The weighted average clearance rate has held above 70 per cent for four consecutive weeks now, while auction volumes have remained somewhat steady each week over the past 3 weeks…
The below charts plot the massive increase in final clearances in Sydney and Melbourne against dwelling value growth, which points to strong price rises:
However, this is tempered by the sharp fall in auction volumes, which are running around half boom time levels:
Thus, the auction boom is not as strong as it appears.