Auction market fails to launch post lockdown

CoreLogic’s preliminary auction report, released yesterday, was another lacklustre affair with a preliminary clearance of 64.0% recorded nationally off auction volumes that were around 40% of last year’s level:

As shown in the next table, Sydney led the way recording both the highest preliminary clearance rate as well as the highest volumes:

This is because on-site auctions resumed first in New South Wales from Saturday the 9th of May, whereas onsite auctions only resumed across most other states (i.e. WA, SA and Qld) this past week.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.