Final auction clearance rate retraces

CoreLogic has released its final auction clearance results for last weekend, which reveals that the final national clearance rate retraced to 69.0% from 71.0% the prior week:

Sydney’s auction clearance strengthened to 73.3% from 73.1% the prior week, whereas Melbourne’s fell to 68.0% from 70.1%.

As noted by CoreLogic:

There were 1,757 auctions held across the combined capital cities last week, compared to 1,747 over the previous week although lower than the same week last year (2,412). Final figures show that of the 1,749 auction results collected, 69.0 per cent were successful, compared to 71.0 per cent over the previous week and 70.6 per cent over the same week last year.

Last week saw 611 homes taken to auction across Melbourne, compared to 606 over the previous week, although substantially lower than the same week last year (1,032). A final auction clearance rate of 68.0 per cent was recorded across the city this week, down from 70.1 per cent over the previous week and 71.7 per cent this time one year ago.

There were 851 Sydney homes auctioned last week, similar to the previous week when 854 auctions were held, although lower than this time last year (948). Last week saw Sydney’s final clearance rate come in at 73.3 per cent, compared to 73.1 per cent over the previous week. Over the same week last year, Sydney recorded a clearance rate of 76.8 per cent.

The rebound in auction clearances is bullish for Sydney property prices, but less so for Melbourne:

SQM Research’s auction results were weaker, but still show an improving trend.

Sydney’s clearance rate remained flat at 60.0% on slightly weaker volumes:

Melbourne’s clearance rate weakened to 52.8% from 53.5% last week:

 

Unconventional Economist

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