Australia’s auction market roared back to life last weekend, recording a final auction clearance rate of 83.2% (up from 80.6% the prior weekend) on significantly higher volumes (1986 versus 1626):
It was the highest weekly clearance rate recorded by CoreLogic in records dating back to 2008:
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According to CoreLogic:
Last week the combined capital cities recorded a final clearance rate of 83.2%, the highest ever recorded by CoreLogic, with records commencing from May 2008… Auction volumes were up 22.1% last week when compared to the previous week (1,626), with 1,986 homes taken to auction across the combined capitals…
Last week Melbourne recorded its highest final clearance rate since Oct 2017, breaching the 80% mark for the first time since late March…
With a final clearance rate of 81.6%, Sydney continues its 80’s streak for the sixth consecutive week.
This weekend will see strong activity with 2,759 auctions scheduled across the combined capital cities, up 38.9% from last week:
If auction clearances remains high, this will signal that the property market is still red hot.