Auction markets boom again

Auction clearance rates were universally strong over the weekend despite massive volumes.

The national preliminary clearance rate was 81.8%, down only slightly from the 83.3% recorded the prior weekend. This was off a whopping 2,920 volumes, up from the prior weekend’s 2,727.

Sydney’s preliminary clearance rate ran hot at 85.0% versus 83.2% the prior weekend, whereas Melbourne’s was 79.4% versus 81.9% the prior weekend:

According to CoreLogic:

There were 2,920 homes taken to auction across the combined capital cities this week, the busiest auction week since late June when 2,960 capital city homes were taken to auction, and the fourth busiest auction week so far this year…

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.

Unconventional Economist
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