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 5.6% decline in the final national auction clearance rate to 68.0% – well above the same weekend last year (47.0%) but below last week’s 72.2%:
As you can see, Sydney’s final auction clearance rate was 4.8% lower than the preliminary reported rate, whereas Melbourne’s was 4.3% lower. However, both were well above last year’s 45.3% (Sydney) and 48.6% (Melbourne).
The next chart shows the strong bounce in auction clearance rates nationally:
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 do appear to have peaked:
This is also tempered by the sharp fall in auction volumes, which are running well below boom time levels:
Thus, it remains a ‘thin’ market that is not as strong as it appears.