Auction market powers through second busiest week of 2021

Auction clearance rates were universally strong over the weekend despite the second highest volumes of the year.

The national preliminary clearance rate was 81.0%, down only slightly from the 81.0% recorded the prior weekend. This was off a whopping 3,033 volumes, up from the prior weekend’s 2,920.

Sydney’s preliminary clearance rate ran hot at 80.8% versus 85.0% the prior weekend, whereas Melbourne’s was 80.1% versus 79.4% the prior weekend:

According to CoreLogic:

The combined capital cities have seen 3,033 homes taken to auction this week, the second busiest auction week so far this year…

There have been 2,533 results collected so far this week, returning a preliminary auction clearance rate of 81.0 per cent…

Melbourne was host to 1,474 auctions this week, the third busiest auction week the city has seen so far this year…

In Sydney, 973 homes were taken to auction this week, up from 916 over the previous week and 700 this time last year.

Across the smaller capitals, where auctions are far less common, auction clearances were universally strong with the exception of Perth.

The nation’s clearance rate has rebounded back to March’s peak:

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

Australia’s property market continues to boom.

Unconventional Economist
Latest posts by Unconventional Economist (see all)

Comments are hidden for Membership Subscribers only.