From CoreLogic.
The number of auctions held this week saw a significant decrease, with 1,265 properties taken to market across the combined capital cities, down from 2,578 over the week prior. The decrease in auction activity this week is attributable to the Queen’s Birthday public holiday this Monday, which has affected activity across most states, including Australia’s two largest auction markets. The lower volume is consistent with what is historically seen over this period, with 1,100 auctions reported over the same week last year. Last week saw the final auction clearance rate revise lower to reach 69.8 per cent; an equal second lowest clearance rate for the year so far. The final clearance rate last week was the lowest over 2017 to date in Sydney and Melbourne. This week the preliminary auction clearance rate increased slightly to 71.8 per cent, however it is typical to see clearance rates revise lower as final results are collected.
