Domain have released their preliminary auction clearance results for today.
The trend of low clearance rates and volumes continues, with the final result from last week week below 50%, on low volumes, and the preliminary results today also looking pretty sick, and will go lower as the final results come in.
Given Domain’s recent analysis showing the correlation between clearance rates and home prices, with 60% being a watershed below which prices are likely to slide, we can conclude gravity will pull the markets lower!
The results are consistently lower than a year ago.
Brisbane listed 79 auctions, reported 41 and sold 21 with 6 withdrawn giving a Domain clearance of 45%.
Adelaide listed 96, reported 65 and sold 5, with 8 withdrawn giving a Domain clearance of 62%.
Canberra listed 101, reported 65 and sold 41 with 3 withdrawn giving a Domain clearance of 60%.
