SQM Research has hosed suggestions that Australia’s auction market is rebounding, recording a clearance rate of under 50% in both Sydney and Melbourne off very low volumes:
Last week, Sydney recorded a final auction clearance rate of 47.0% with mid-week auctions faring worse than Saturday results (34.1% verses 49.3%). Sydney volumes continue to be at very low levels with just 270 properties for the week albeit this is the highest volume reading since the week ending 19th of April. The clearance rate was slightly lower than the previous week’s 47.4%.
Melbourne recorded a clearance rate for the week of 44.8% with the mid-week results fairing slightly worse than the Saturday results (44.1% verses 45.0%). Volumes remained at abnormally low levels at just 143 in total scheduled which was more than the previous week’s 123 but far lower than pre-auction ban levels.
With on-site auction bans lifted across Australia, the next few week’s results will tell us whether or not the property market is rebounding.