Auction market continues fade out

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CoreLogic has released its final auction results for the week, with the clearance rate continuing to trend lower after bouncing following the first lockdown:

According to CoreLogic:

Last week saw the final weighted average clearance rate improve across a lower volume of auctions and fewer withdrawn auctions. There were 1,154 capital city homes scheduled for auction last week, returning a final auction clearance rate of 58.7%. This was higher than the 54.1% clearance rate over the previous week when 1,326 auctions took place. Auction volumes are currently tracking at similar levels to last year, with 1,108 capital city homes auctioned over the same week one year ago. Clearance rates were however higher one year ago with 66.4% of homes selling over the same week last year.

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About the author
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.