SQM Research has released its alternative auction series, which attempts to trawl the internet before and after to capture all advertised auctions (rather than only those reported).
According to SQM, auction clearance rates across both Sydney and Melbourne fell to around 40%, which indicates a falling market:
Last week, Sydney recorded a final auction clearance rate of 40.4% with mid-week auctions and Saturday results fairly even in terms of success (40.8% verses 40.2%). Sydney volumes fell to 399 properties for the week which was to be expected given the long weekend. The clearance rate has now fallen for two weeks straight. At 40%, it represents a market that is likely falling with vendors and buyers struggling to agree on price.
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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.
