Mortgage mayhem continues

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CoreLogic weekly indexes said “The combined capital city preliminary auction clearance rate weakened slightly as volumes rose. There were 2,976 capital city homes taken to auction over the week, revising down from initial predicted volumes by 2% as the Sydney COVID outbreak grew resulting in four Sydney LGA’s going into lockdown. Of the 2,417 results collected so far, equating to a preliminary collection rate of 81.2%, 77.5% were a sold result. Last week, a lower 2,400 auctions were held across the combined capitals with a preliminary auction clearance rate of 77.8%, later revising down to a final auction clearance rate of 74.1%.”

The leading mortgage index remains very overheated if cooling into winter:

For sale inventory remains chronically low:

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More price gains ahead. Locked down or not!

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.