Final auction clearances strong but faded

CoreLogic has released its final auction report for last weekend, with the final clearance rate rising slightly to 77.7% from 77.2% the prior weekend. This was off a a big jump in the number of auctions, from 2,087 to 2,902.

As usual, Sydney led the market recording a final clearance rate of 80.2% (up from 79.3%), whereas Melbourne’s final clearance rate was 75.1% (down from 75.5%).

Elsewhere, final auction clearance rates were generally solid to strong; albeit off thin volumes (since auctions aren’t as common in these markets).

Final auction clearance rates

Final auction clearance rates remain strong.

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

Auction clearance rate

The national final auction clearance rate has begun to fall.

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

This weekend, CoreLogic is expecting the second busiest week for auctions of 2021 with 3,087 capital city homes scheduled to go under the hammer, dominated by Sydney and Melbourne. This week’s scheduled volumes are also up by 6.4% on last week’s 2,902 auctions.

Scheduled auctions

A boom weekend of auctions is coming.

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

Unconventional Economist

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