Auction clearance rates were universally strong over the weekend despite strong volumes.
The national preliminary clearance rate was 83.3%, down only slightly from the 84.4% recorded the prior weekend. This was off a whopping 2,727 volumes, up from the prior weekend’s 1,986.
Sydney’s preliminary clearance rate remained rock solid at 83.2% versus 82.4% the prior weekend, whereas Melbourne’s was 81.9% versus 87.0% the prior weekend:
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According to CoreLogic:
This week 2,727 homes were taken to auction across the combined capital cities, the busiest week since mid-July… With 2,244 results collected so far 83.3% were successful, marking the third consecutive week CoreLogic has recorded a preliminary combined capital city clearance rate in the 80’s…
Melbourne had the busiest week with 1,357 homes taken to auction across the city, up 68.6% from the week prior (805). Vendor confidence appear to be returning, with the number of auctions tracking higher along with a sharp reduction in withdrawn auctions. Of the 1,114 auctions results reported so far, 81.9% were successful…
Across Sydney, 832 homes were taken to auction this week, down from the 890 auctions originally scheduled but up from the volumes recorded last week (753) and this time last year (751). The trend in Sydney’s auction volumes has returned to the upward trajectory observed since late august following a small dip during last week’s long weekend.
Across the smaller capitals, where auctions are far less common, auction clearances were universally strong.
The nation’s clearance rate has rebounded back to March’s peak:
Domain’s auction results were also strong, but off a much smaller sample size:
Australia’s property market continues to boom despite lockdowns.