The nation’s preliminary auction clearance rate rose over the weekend – to 76.4% from 73.6% the prior weekend – despite the worsening virus outbreak in Sydney.
Sydney’s auction clearance rate rose to 76.5% from 71.6% the prior week; albeit of fewer auctions (661 versus 765).
Melbourne’s clearance rate fell slightly to 75.3% from 75.9% off a similar number of auctions (1,077 versus 1,067).
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Auction clearances were also strong across the smaller capital, with the exception of Perth; albeit off low volumes (since auctions are less common in these markets).
The next chart shows that the national clearance rates has retraced quite sharply from March’s peak but remains at a high level historically:
Domain’s preliminary auction results were similar; albeit based on a smaller sample size:
These auction results suggests that dwelling values should continue to grow strongly over the immediate horizon; albeit at a slower rate than experienced earlier this year.
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