SQM Research has released its weekly auction survey, which reported clearance rates for Sydney and Melbourne in the 40s:
Last week, Sydney recorded a final auction clearance rate of 49.6% with Saturday auctions breaking through the 50% barrier (50.3%). While the mid-week results disappointed at 45.7%. Sydney auction volumes rose again to 621 properties.
Melbourne auctions once again struggled. A clearance rate for the week of 44.7% was recorded with the Saturday results fairing a little worse than the mid-week results (45.3% verses 36.6.%). Volumes rose to 622 properties.
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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.
