Final auction clearance rate locked above 70%

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 3.4% decline in the final national auction clearance rate to 71.0% – well above the same weekend last year (45.8%) and slightly above last week’s 70.7%:

As you can see, Sydney’s final auction clearance rate was 3.2% lower, whereas Melbourne’s was 2.3% lower. However, both were way above 70% and tower above last year’s 43.8% (Sydney) and 57.7% (Melbourne).

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

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 well below boom time levels:

Thus, it’s a ‘thin’ market and not as strong as it appears.

Unconventional Economist
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