The weekend’s preliminary auction results from CoreLogic showed that the preliminary clearance rate increased by 4.8% to 75.9%.
Source: CoreLogic
This week’s preliminary clearance rate was the highest since the week ending February 11 earlier this year.
The bounce in clearances was broad-based, with most cities seeing an increase from the Easter long weekend low.
Melbourne saw the most significant lift, climbing 7.6 percentage points to 70.6% (from 65.0% the previous week, which was revised to 60.3% on final numbers).
Sydney likewise experienced a significant lift after Easter, with a preliminary clearance rate of 81.6% (the highest since the week ending February 18 at 81.7%).
Meanwhile, CoreLogic’s daily dwelling values index continues to record solid growth, rising by 0.5% over the past 28 days at the 5-city aggregate level:
As shown above, Perth (1.7%), Brisbane (1.2%), and Adelaide (1.2%) are driving the value growth.
By contrast, Sydney (0.3%) and Melbourne (0.0%) are pulling the 5-city average down.
Regardless, value growth has rebounded strongly from its pre-Christmas trough, which has also been reflected in the rental market, where growth has reaccelerated recently:
Source; CoreLogic
The tsunami of net overseas migration has run headlong into collapsing dwelling construction, fueling prices and rents.
