Auction clearances rebound on Melbourne reopening

CoreLogic’s preliminary report on the weekend’s auctions reported a higher clearance rate as Melbourne reopened.

The national preliminary clearance rate rose to 77.4% from 73.5% the prior weekend. However, this was off significantly lower auction volumes, down to 1,426 from the prior weekend’s 2,691, owing to the Queens’s Birthday long weekend.

Sydney continued its strong run recording a preliminary clearance rate of 78.5%, down from the prior weekend’s 79.6% preliminary clearance rate.

Melbourne’s preliminary clearance rate rebounded to 73.0% from 67.3% the prior weekend.

Auction results across the smaller capitals were generally strong. However, auction volumes were thin across these markets reflecting that private sales dominate.

Preliminary auction clearance rates

Strong auction clearances off thinner volumes.

As shown in the next chart, the national auction clearance rate has softened significantly from March’s peak; albeit remains at high levels historically:

National auction clearance rate

Auction clearances down from March’s peak.

Domain’s auction results were softer off a smaller sample size, recording preliminary clearance rates of 73% (Sydney) and 62% (Melbourne):

Overall, this data points to slower (but still strong) dwelling value growth.

Unconventional Economist

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