Auction market strong everywhere but Melbourne

The nation’s auction clearance rate rebounded further over the weekend, recording a preliminary national clearance rate of 74.6%, up from the prior weekend’s 72.3%.

Sydney’s preliminary clearance rate remained rock solid at 82.3% versus 83.8% the prior weekend, whereas Melbourne’s rebounded to 56.4% from 54.5% the prior weekend, but remained weak:

Preliminary clearance rates

According to CoreLogic regarding Melbourne:

In Melbourne, 565 homes were taken to auction this week, down -10.2 per cent from the 629 originally scheduled…

Of the 383 results collected so far, 39.9 per cent were withdrawn, and a preliminary auction clearance rate of 56.4 per cent was recorded. Of the 216 sold results, 59.7 per cent were sold prior to the scheduled auction date.

Across the smaller capitals, where auctions are far less common, auction clearances were strong.

The nation’s clearance rate has still fallen significantly from March’s peak:

National preliminary clearance rate

Domain’s auction results were stronger, but off a much smaller sample size:

Domain auction results

Sydney’s property market continues to shrug off lockdowns, whereas Melbourne continues to struggle.

Unconventional Economist

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