CoreLogic’s preliminary auction report posted solid fall in the preliminary clearance rate (from 70.9% to 65.9%) off volumes that are still around half of last year’s level:
Once final results are received later this week, we are likely to see clearance rates fall to around 60%.
Domain’s preliminary auction results were a bit softer; albeit based on a smaller sample size:
Given on-site auction bans have been lifted, these are weak results.
If auction clearances do not pick up pace soon, it is likely that dwelling values will continue to slide.
Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
Latest posts by Leith van Onselen (see all)
- Westpac: Looming downside risks for US economy - July 10, 2020
- Victorian Treasurer unveils $6b emergency stimulus package - July 10, 2020
- COVID-19 a “middle-class disaster” - July 10, 2020
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