Sydney’s final auction clearance rate falls below 80%

CoreLogic has released its final auction results for last weekend, with the national clearance rate coming in at 77.2%, down from the prior week’s 78.6%.

The result was significantly below March’s average final clearance rate of 81.0%:

Final auction clearance rate

Australia’s final auction clearance rate has clearly topped-out.

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Sydney’s final auction clearance rate fell to 79.3%, which was the first result in 12 weeks below 80%.

Melbourne’s final clearance rate also retraced to 75.5%, down from 77.3% the prior week.

Final auction clearances were solid to strong across the smaller capitals; although private sales are far more common in these markets.

Final auction results

Final auction clearances remain elevated despite the recent retracement.

Notwithstanding this week’s retracement, Sydney’s auction clearance rate continues to point to turbo-charged dwelling value growth:

Sydney auction clearance rate vs price growth

Sydney’s auction results are still pointing to rapid price growth.

By contrast, Melbourne’s auction clearance rate is pointing to a moderation of price growth (albeit still strong):

Melbourne auctions vs price growth

Melbourne’s softening auction results are pointing to slightly lower price growth.

The rampaging dwelling value growth currently being recorded in Sydney is reflected in the city’s continually strong auction clearances.

Next week we will receive mortgage commitment data for March 2021, which will provide further insights.

Unconventional Economist

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