Final auction clearances rise on big volumes

CoreLogic released its final auction report for last weekend, with the final clearance rate rising to 74.1% from 73.6% the prior weekend, which was negatively impacted by Melbourne’s hard lockdown.

Final auction clearance rates

Sydney still running hot.

As usual, Sydney drove the market recording a final clearance rate of 76.8% (up from 74.1%), whereas Melbourne’s final clearance rate rebounded to 69.0% from 68.8%.

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

Auction clearance rates have fallen sharply from the March’s peak:

Final auction clearance rate

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

Given historical correlations, the fall in clearances points to slower price growth:

Auction clearances vs prices

Auction clearances point to slower price growth.

There are 3,043 capital city homes scheduled to go under the hammer this week, up on the 2,610 auctions last week and higher than the 1,485 auctions held one year ago.

Scheduled auctions

Massive week for auctions.

Vendors are clearly looking to cash in on the unprecedented price boom.

Unconventional Economist

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