The nation’s final auction clearance rate rebounded last weekend following a big fall in auction listings in Melbourne.
CoreLogic recorded a final national clearance rate of 67.7%, up significantly from the prior weekend’s 58.0%.
Sydney’s final clearance rate remained strong at 81.2% versus 80.2% the prior weekend, whereas Melbourne’s rebounded to 43.8% from 35.9% the prior weekend.
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Smaller capital auction markets were mixed.
As noted by CoreLogic, Melbourne’s higher clearance rate was driven by fewer withdrawals:
There were 430 auctions held across Melbourne last week, down -22.0 per cent from the initial predicted count…
The higher clearance rate week-on-week was helped by the lower withdrawal rate, with 52.9 per cent of auctions withdrawn last week, compared to 61.6 per cent over the previous week.
The national auction clearance rate has still retraced sharply from March’s peak:
This weekend there are 1,638 auctions scheduled to take place across the capital cities, an increase on last week’s 1,567 scheduled volumes:
Melbourne’s auction market, in particular, has gone into lockdown hibernation.