Auction clearances climb as volumes crash

CoreLogic’s preliminary auction report, released yesterday, posted a rebound in the preliminary clearance rate (from 64.0% to 70.9%) but off volumes that are around 70% below the same weekend last year:

Once final results are received mid-week, we are likely to see clearance rates fall to around the mid-60s.

Domain’s preliminary auction results were a bit softer; albeit based on a smaller sample size:

Given bans on on-site auctions have been lifted, these are rather lacklustre results.

The next few weeks will be important to watch as they will tell us whether Australia’s property market is rebounding.

Unconventional Economist

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