Australia’s auction market is booming, with clearance rates strongest since 2015.

Sydney led the way yet again, recording a preliminary clearance rate of 89.1%, increasing on the prior week’s preliminary clearance rate of 87.5%, which was later revised down to 85.0% at final figures. It was also the seventh consecutive week where Sydney’s auction clearance rates were above 80%.

Melbourne’s preliminary auction clearance rate was also strong, rising to 83.8% from 79.9% the prior week, which was later revised down to 78.8%.

Auctions are far less prevalent across the other capitals, where results were solid to strong.

Auction results were super strong across Sydney and Melbourne.

Domain’s auction results were similarly strong; albeit off a smaller sample size. Domain recorded a preliminary clearance of 88% for Sydney and 81% for Melbourne.

Give historical correlations, the exceptionally strong auction results in both major markets points to continued strong property price appreciation.

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Unconventional Economist

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.

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