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.