Eliza Owen, Head of Research Australia at CoreLogic, has penned an interesting piece of analysis questioning whether the recovery in auction clearances is signs of a housing market recovery:
The week ending 10th of May delivered a final auction clearance rate of 59.9%. This has jumped from a clearance rate of 47.5% in the previous week and a recent low of just 30.2% only four weeks ago.
It is the highest clearance rate result since the week ending March 15, before the strictest social distancing measures were rolled out across Australia. However, the number of auctions held last week was almost 80% lower.
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