CoreLogic released its final auction report for last weekend, with the final clearance rate rising to 73.6% from 70.6% the prior weekend, which was negatively impacted by Melbourne’s hard lockdown.
As usual, Sydney drove the market recording a final clearance rate of 74.1% (down slightly from 75.6%), whereas Melbourne’s final clearance rate rebounded to 68.8% from 64.0%.
Elsewhere, final auction clearances were mixed; albeit off thin volumes given auctions aren’t common in these markets.
Auction clearance rates have fallen sharply from the March’s peak:
Given historical correlations, the fall in clearances points to slower price growth:
There are 2,610 capital city homes scheduled to go under the hammer this week, up on the 1,413 auctions last week and higher than the 1,251 auctions held one year ago.
Sydney, in particular, is facing a big weekend of auctions as vendors cash in on the unprecedented price boom.