The Domain preliminary auction results are in, and the national clearance rate is sitting at around 66%, compared with 71% last year, on lower volumes. Melbourne of course is down ahead of the Melbourne Cup.
Brisbane cleared 43% of 125 scheduled auctions, Adelaide 63% of 83 scheduled and Canberra 71% of 100 auctions. So momentum is strongest in Canberra and Melbourne, although more property actually changed hands in Sydney. We expect the weakness in the market to continue in the weeks up to the summer break.
