Sydney pushes auction clearances higher

CoreLogic’s preliminary report on the weekend’s auctions reported a higher clearance rate driven by strong results from Sydney.

The national preliminary clearance rate rose to 77.8% from 77.4% the prior weekend. This was off significantly higher auction volumes, up to 2,418 from the prior weekend’s 1,426 (which was negatively impacted by the Queen’s Birthday holiday).

Sydney continued its strong run recording a preliminary clearance rate of 82.6%, up from the prior weekend’s 78.5% preliminary clearance rate.

Melbourne’s preliminary clearance rate softened to 71.5% from 73.0% the prior weekend.

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

Preliminary auction results

Sydney continues to lead the way.

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 77% (Sydney) and 73% (Melbourne):

Domain auction results

Domain’s auction results were weaker.

This data points to further strong price growth for Sydney but softer growth for Melbourne.

Unconventional Economist

Comments are hidden for Membership Subscribers only.