CoreLogic has released its final auction results for last weekend, with the national clearance rate coming in at a solid 69.9% versus 70.6% the previous weekend:
However, this was on the back of fairly soft auction volumes:
According to CoreLogic:
Last week, both auction volumes and the final combined capital city clearance rate saw a slight decline over the week. There were 2,085 capital city homes taken to auction returning a final auction clearance rate of 69.9%, down on the 2,168 auctions held the week prior when 70.6% cleared. One year earlier, a much higher 2,912 auctions took place with a final success rate of 71.1%.
There were 899 Melbourne homes taken to auction last week, which was somewhat steady on the week prior’s 909 auctions. Final figures however saw Melbourne’s final clearance rate drop over the week, with 67.7% of homes selling, down from the 69.3% the previous week. One year ago, 1,520 auctions were held across the city with 73.2% sold.
A final auction clearance rate of 74.1% was achieved in Sydney last week across 867 auctions, an improvement on the 72.5% recorded over the previous week when volumes were higher (886). A higher 976 Sydney homes were auctioned one year ago, with a final success rate of 73.8%.
The rebound in auction clearances is bullish for Sydney and Melbourne property prices given prior correlations:
SQM research’s auction results were weaker but also point to recovery:
The property rebound continues.
