Final auction clearance rate holds at 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 4.0% decline in the final national auction clearance rate to 70.1% – well above the same weekend last year (42.0%) and above last week’s 72.0%:

As you can see, Sydney’s final auction clearance rate was 5.3% lower than the preliminary reported rate, whereas Melbourne’s was 2.7% lower. Both were well above last year’s 42.8% (Sydney) and 41.3% (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 have peaked:

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 not as strong as it appears.

Leith van Onselen

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