The weekend’s auction markets continued their recent strong run of form, with a preliminary clearance rate of 84.4% recorded across the nation, down slightly from last weekend’s 86.1%.
As usual, this strong result was driven by the two major markets – Melbourne and Sydney – where auctions are most prevalent.
Sydney recorded a preliminary clearance rate of 88.2% – up from 87.5% last weekend. Melbourne’s preliminary clearance rate was 82.2%, down from 87.8% last weekend:
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However, auction volumes (2,094) were about 20% below the same weekend last year (2,517), reflecting in part the dearth of stock.
As shown below, the national clearance rate is tracking around 6-year highs, reflecting the heat in the market:
Domain’s preliminary clearance rates were similar:
- Sydney: 86%
- Melbourne: 79%
According to Shane Oliver via Twitter:
“Clearances are very strong. Sales are flat/down a bit on yr ago but they lag clearances. Record low mortgage rates, gov incentives, “escape from the city”, econ recovery & FOMO are the key drivers”.
Sydney’s auction market, in particular, is white hot.
Based on historical correlations, this points to strong house price growth.