Auction market booming

Australia’s auction market boomed last weekend, recording a final auction clearance rate of 80.2% (down from 83.2% the prior weekend) on significantly higher volumes (2,708 versus 1986):

Australia’s final clearance rate is tracking close to its highest level since CoreLogic began tracking auctions in 2008:

According to CoreLogic:

Auction volumes have been climbing over the last 5 weeks as COVID related restrictions begin to ease across Australia’s two largest auction markets, Sydney and Melbourne. We are expecting auction volumes to rise further through spring and into early summer, as long as new restrictions aren’t implemented.

This weekend a massive 3,096 homes are scheduled to go under the hammer, up from last week’s 2,708:

If all of these auctions go ahead, it will be the second busiest auction week of the year so far, and the third time this year that weekly auction volumes have risen above 3,000…

Melbourne is currently set to host the highest number of auctions since late March, accounting for 49.9 per cent of auction activity this week, with 1,544 homes scheduled for auction…

There are 983 auctions scheduled in Sydney this week, the busiest week for auctions across the city since late June.

If auction clearances remains high, this will signal that the property market is remains red hot:

Already, the bounce in clearance rates is bullish for price growth.

Unconventional Economist
Latest posts by Unconventional Economist (see all)

Comments are hidden for Membership Subscribers only.