CoreLogic’s final auction results revealed that the national clearance rate was 60.6% last weekend, up from 59.7% the previous week and the highest rate since May:
Final clearance rate highest since May.
However, the number of auctions held last weekend (1,815) was down 33.0% compared to this time last year (2,708).
This weekend, only 1,810 homes are set to go to auction, which is 38.4% below the 2,940 homes that went under the hammer at the same time last year.
Indeed, the next chart shows how the usual spring auction bounce has failed to arrive with activity levels tracking at decade lows:
Aussie auction volumes depressed.
At least the majority of homes going under the hammer are now selling, suggesting vendors have jettisoned unrealistic price expectations and are now prepared to ‘meet the market’.
