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.
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