Auction market continues to break records

On Friday I reported that Australia’s final auction clearance rate ended February at a near record high 79.3%, close to the strongest result on record.

The weekend’s preliminary auction results from CoreLogic suggest that records will soon be smashed, with every capital city market recording a preliminary clearance rate of more than 80% – something that I have never witnessed before:

Every capital city market recorded a preliminary auction clearance rate of more than 80% over the weekend.

The result was well above last weekend’s preliminary clearance rate of 81.9% and suggests the final clearance rate will also come in above 80%.

Australia’s final auction clearance rate looks set to break records.

Domain’s preliminary auction clearance rates were also very strong, coming in at 87% in Sydney and 79% in Melbourne. According to Shane Oliver via Twitter:

Domain’s preliminary auction clearance rates were also strong.

“Clearances remaining very strong with record low mortgage rates, government incentives, “escape from the city”, jobs recovery, soft listings & FOMO”.

This caps off a stunning weak of data for the Australian property market, which also includes the strongest monthly price growth since 2003 and record new mortgage commitments.

Unconventional Economist

Comments are hidden for Membership Subscribers only.