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.
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:
Given historical correlations, the fall in clearances points 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.
Vendors are clearly looking to cash in on the unprecedented price boom.