Sydney’s auction market still running strong

Earlier this week, CoreLogic released its preliminary auction clearance rates, which revealed the following results:

Today, CoreLogic has released its final auction results, which reported a 1.3% decline in the final national auction clearance rate to 67.7% – still well above the same weekend last year (51.1%):

As you can see, Sydney’s final auction clearance rate was 2.3% lower than the preliminary reported rate, whereas Melbourne’s was 5.5% lower. Both were well above last year’s 54.0% (Sydney) and 52.4% (Melbourne).

The next chart shows the national auction clearance rate has fallen quite sharply from last year’s highs:

The below charts plot the trend final clearances in Sydney and Melbourne against dwelling value growth, which points to moderating price growth in Melbourne but stronger growth in Sydney:

Obviously, this is still based on thin volumes and we need to see how the auction market plays out over the coming months.

Leith van Onselen
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