The nation’s auction clearance rate rebounded following a huge reduction in the number of auctions held across Melbourne, which lowered the withdrawal rate.
CoreLogic recorded a preliminary national clearance rate of 44.5%, up from the prior weekend’s 55.4%.
Sydney’s preliminary clearance rate remained rock solid at 84.0% versus 82.7% the prior weekend, whereas Melbourne’s rebounded to 44.5% from 34.7% the prior weekend, but remained very weak.
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According to CoreLogic regarding Melbourne:
In Melbourne, 531 homes were taken to auction, compared to 928 over the previous week and just 28 this time last year. Of the 371 results collected so far, 53.6 per cent were withdrawn, resulting in a preliminary auction clearance rate of 44.5 per cent.
Across the smaller capitals, where auctions are far less common, auction clearances were mixed.
The nation’s clearance rate has now fallen significantly from March’s peak:
Domain’s auction results were stronger, albeit off a much smaller sample size:
Sydney’s property market continues to shrug off lockdowns, whereas Melbourne continues to struggle.