Auction market hangs on

CoreLogic’s preliminary auction clearance rate rebounded to 65.3% from 59.2% last weekend:

Melbourne’s preliminary clearance rate rebounded to 59.8% from 49.8% last week, due to bombing volumes (and fewer withdrawals).

As noted by CoreLogic:

There were 351 Melbourne homes scheduled for auction this week, lower than the 540 over the week prior. The lower volumes saw Melbourne’s preliminary clearance rate improve with 59.8% of auctions successful as fewer withdrawn auctions were recorded this week lifting the success rate. Of the 296 results collected so far, 86 were withdrawn results which is quite a bit lower than last week’s 217 withdrawn results, equating to a 29% and 40% withdrawal rate respectively. Of the sold results collected just under 50% reportedly sold prior to the scheduled auction date. One year ago, 500 Melbourne homes were auctioned returning a final clearance rate of 70.9%.

Sydney’s preliminary clearance rate was identical to last week off similar volumes.

Domain’s auction results were softer, but based on a smaller sample size:

Hanging in there.

Leith van Onselen
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