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 1.4% decline in the final national auction clearance rate to 72.0% – well above the same weekend last year (43.3%) and above last week’s 68.0%:

As you can see, Sydney’s final auction clearance rate was 4.2% lower than the preliminary reported rate, whereas Melbourne’s was actually 0.9% higher. Both were well above last year’s 42.1% (Sydney) and 46.2% (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:

Still a ‘thin’ market that is not as strong as it appears.

Leith van Onselen
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