Auction clearances push new highs off strong volumes

CoreLogic’s preliminary auction report posted extremely strong results with the national clearance rate lifting to 84.4% off 3,791 volumes.

The preliminary clearance rate was 2.4% higher than last week’s 82.0%, and above the prior week’s 83.2%. Auction volumes were also the highest since 3,990 were taken to auction in the week ended 25th March 2018.

Weekly auction clearance rate

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

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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.

CoreLogic preliminary clearance rate

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.

Unconventional Economist

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