Australia’s auction market continues to fatigue after weeks of high listings.
Last weekend’s final auction clearance rate was 73.0%, up slightly from 73.0% the prior weekend off 3539 auctions (up from 3,292 the prior weekend):
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As noted by CoreLogic:
With capital city auction volumes in excess of 3,000 for the fourth consecutive week, last week overtook the week prior as the third busiest of the year. Up 7.5% from the week prior (3,292), last week saw 3,539 homes go under the hammer, more than double what was seen this time last year (1,728). With 3,530 results collected, 73.2% recorded a successful result..
Across Melbourne, 1,564 homes went under the hammer last week, up 11.9% from the week prior (1,398). Despite the increase in volumes, the clearance rate rose compared to the previous week (67.7%), with 71.8% of auctions recording a successful result…
Since COVID restrictions lifted in early October, Sydney auctions volumes have followed an upwards trajectory, while clearance rates have tended downwards. With its highest auction volumes since late March, last week saw Sydney record its lowest clearance rate since early July, with 71.5% of the 1,259 auctions held returning a successful result.
Australia’s final clearance rate is falling after recently bouncing back to historical highs:
The still historically high clearance rates continue to point to strong property price growth:
This weekend 3,810 capital city homes scheduled to go under the hammer. This represents the busiest week since late March and their 4th busiest week since CoreLogic records commenced in 2008:
With such high volumes, it will be interesting to see how clearances hold up. Will supply finally overrun demand?