Final auction clearance rate points to slowing housing market

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 5.3% decline in the final national auction clearance rate to 65.3% – still well above the same weekend last year (51.4%):

As you can see, Sydney’s final auction clearance rate was 6.5% lower than the preliminary reported rate, whereas Melbourne’s was 4.5% lower. Both were well above last year’s 54.2% (Sydney) and 52.1% (Melbourne).

The next chart shows the national auction clearance rate rebounded strongly over recent weeks:

The below charts plot the trend final clearances in Sydney and Melbourne against dwelling value growth, which points to further strong growth in Sydney but softening growth in Melbourne:

Across the combined capital cities, auctions are also pointing to slower growth:

Leith van Onselen

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