Melbourne’s auction market is dead

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CoreLogic’s preliminary auction clearance rate retraced slightly, with 67.5% of reported auctions cleared versus 67.7% last weekend:

Sydney’s preliminary clearance rate was solid with 69.5% of reported auctions sold, albeit down from 74.0% last weekend.

However, Melbourne’s preliminary clearance rate bombed to just 33.3% from 49.6% last weekend off only 28 auctions.

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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.