Australia’s auction market back in boom

From CoreLogic’s quarterly auction report:

CoreLogic auction activity analysis found that over the 3 months to December 2019, the combined capital cities clearance rate came in at 70.3 per cent from 26,923 auctions; a significant jump on the previous quarter where auction volumes were 16,730 and returned a clearance rate of 69.9 per cent. The clearance rate is remarkably higher than the December 2018 quarter, when the clearance rate was 43.6 per cent…

Eliza Owen who heads up CoreLogic residential research, “As prices in Sydney and Melbourne rose 6.2% and 6.1% respectively in the December quarter, a corresponding increase in auction market activity is expected. Vendors have been responsive to higher prices, with auction volumes up by 4.0% year on year”…

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