The auction market has been hit hard by Sydney’s lockdown, with the final national clearance rate falling to 72.1% from 75.4% the prior weekend off a big decline in auction volumes (2,168 versus 2,960 the prior weekend).
As shown in the next table, Sydney’s final clearance rate fell to 70.5% from 77.5% the prior weekend – the lowest clearance rate recorded this year. This was off only 756 auctions (versus and average of 1,120 over the prior two weekends).
Melbourne recorded a final clearance rate of 73.1%, down slightly from the 74.7% recorded the previous weekend.
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Auction clearances were mixed across the smaller markets where private sales dominate.
The national auction clearance rate has clearly retraced sharply from March’s peak:
Other things equal, the auction market is pointing to softer price growth over the second half:
This comes after national dwelling values rose by more than 12% over the first half of 2021.
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