Auction market gets winter chill

CoreLogic released its final auction report for last weekend, with the final clearance rate to 77.0% from 77.0% the prior weekend. It was the lowest final auction clearance rate recorded in 2021.

Final auction clearance rates

The weakest auction clearances of the year, but still strong overall.

The result came off the year’s fifth strongest auction volumes (2,834).

As usual, Sydney led the market recording a final clearance rate of 76.9% (down from 78.9%), whereas Melbourne’s final clearance rate fell to 74.9% (down from 75.4%).

Elsewhere, final auction clearances were mixed; albeit off thin volumes given auctions aren’t as common in these markets.

While auction clearance rates remain strong overall, they have retraced fairly sharply from the March’s peak:

Final auction clearance rate

The national final auction clearance rate has clearly retraced from its March peak.

Other things equal, this points to an easing of price growth from recent turbo-charged levels; although price growth should still remain strong.

Despite Melbourne’s hard lockdown, there are 3,162 capital city homes set to go under the hammer this week. That would mark the busiest auction weekend in 2021:

This week's auctions

What Melbourne lockdown?

Clearly, vendors are looking to cash in on the price boom.

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