Anyone who wishes to argue the property market is stalling, needs to explain the continued high auction clearance rates from last weekend. The market appears in rude health to us!
According to CoreLogic, last week the capital city auction markets were quiet due to the Labour Day long weekend which coincided with the AFL and NRL grand finals. Given this, it was unsurprising to see volumes increase substantially this week, with 2,246 held across the combined capital cities. The preliminary clearance rate was 79.2 per cent this week, up from a final clearance rate of 75.8 per cent last week across just 872 auctions. This week four of the capital cities recorded clearance rates above 80 per cent. At the same time last year, results were lower, with 69.5 per cent of auctions clearing over a total of 3,016 capital city auctions.
