Auction market picks up steam

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 5.3% decline in the final national auction clearance rate to 73.6% – well above the same weekend last year (41.3%) and well above last week’s 68.5%:

As you can see, Sydney’s final auction clearance rate was 6.6% lower than the preliminary reported rate, whereas Melbourne’s was 3.5% lower. Both were well above last year’s 41.6% (Sydney) and 42.7% (Melbourne).

The next chart shows the national auction clearance rate levitating around the 70% mark:

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 look to have peaked:

Interestingly, auction volumes across Sydney and Melbourne are now running above the same time last year, according to CoreLogic:

There are 1,352 Melbourne homes scheduled for auction this week, lower than last week’s final figures (1,533), however higher than volumes from one year ago (1,283).

In Sydney, 891 homes are currently scheduled for auction this week, down from 1,221 last week and higher than the same week last year when 870 auctions were held.

The auction market looks to be picking up steam.

Leith van Onselen
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