CoreLogic has released its final auction clearance results for the Easter long weekend, with the nation’s clearance rate falling to 77.1%, down from the recent high of 83.1% recorded the prior weekend:
In fact, it was the first time in five weeks that the final national clearance rate fell below 80%.
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Auction volumes were also way down owing to the Easter public holiday with only 845 homes nationally going under the hammer, roughly one quarter the prior week’s level of 3,840.
Sydney continues to drive the nation’s clearance rate with 82.0% of auctions sold – the ninth consecutive week of clearances recorded above 80%.
Melbourne’s clearance rate was also solid at 73.5%; albeit well down from the prior week’s 81.0%:
Sydney’s clearance rate is pointing to ongoing rapid price appreciation, based on historical correlations:
The story is similar for Melbourne; albeit a little less bullish for prices:
This weekend there are 2,207 auctions scheduled across the combined capital cities. This should give us a better indication of how the two major property markets are tracking.