Auction clearance rates begin to fall

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 4.4% decline in the final national auction clearance rate to 68.5% – well above the same weekend last year (41.9%) but below last week’s 70.1%:

As you can see, Sydney’s final auction clearance rate was 6.3% lower than the preliminary reported rate, whereas Melbourne’s was 3.1% lower. Both were well above last year’s 44.8% (Sydney) and 41.4% (Melbourne).

The next chart shows the national auction clearance rate is beginning to fade:

The below charts plot the trend increase in final clearances in Sydney and Melbourne against dwelling value growth, which still points to price rises; although clearances have past their peak:

This is also tempered by the sharp fall in auction volumes, which are running well below boom time levels:

Still a ‘thin’ market that is also beginning to fade.

Leith van Onselen

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