Final auction clearances fade on huge volumes

CoreLogic released its final auction report for last weekend, with the final clearance rate falling slightly to 77.2% from 77.7% the prior weekend. This was off another rise in the number of auctions, from 2,902 to 3,016.

As usual, Sydney led the market recording a final clearance rate of 81.4% (up from 80.2%), whereas Melbourne’s final clearance rate fell to 74.1% (down from 75.1%).

Elsewhere, final auction clearances were solid to strong with the exception of Perth; albeit off thin volumes given auctions aren’t as common in these markets.

Final auction clearance rates

Sydney continues to lead auction clearances.

While auction clearance rates remain strong overall, they have clearly retraced from the March peak:

Final auction clearance rate

Australia’s final auction clearance rate has moderated from March’s peak.

Other things equal, this points to an easing of price growth from recent turbo-charged levels.

2,934 auctions are scheduled for this weekend, down only slightly on last week’s 3,016 auctions held, which happened to be the second busiest week for auctions of the year. It is expected that this week will be the third busiest week of 2021:

Auctions scheduled

Another busy weekend of auctions.

After sitting on their hands, vendors are now looking to cash in on the boom.

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