Auction clearance rates rebound to seven-week high | Auction rates have dropped 30 points since J…

Explore the latest developments concerning Auction clearance rates.

Auction clearance rates rebound to seven-week high

After three weeks in the sub-50 per cent doldrums, auction clearance rates have bounced back to their highest level in seven weeks as lower volume constrains choice and buyers and sellers acclimatise to the cooling post-budget market.

According to data house Cotality, the preliminary clearance rate across the combined capitals hit 54.8 per cent, a significant jump on last week’s 49.8 per cent, which was revised down to 46 per cent on final numbers.

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Auction rates have dropped 30 points since January, should we be worried?

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The ACT's auction clearance rates have dropped 30 percentage points since the start of the year, but experts in the industry are divided on whether it is any cause for alarm.

Ray White's Kelsey Tracey said the situation was not yet dire – and unlikely to become so.

"Anything over 40 per cent is actually just a really healthy market," Ms Tracey said.

Auctions quagmire continues

This week, the combined capital preliminary auction clearance rate increased to 54.8%, the highest early clearance percentage in seven weeks, following three weeks of staying below 50%. With last week’s preliminary clearance rate of 49.8% being revised down to 46.0%, the increase is off a low base.

An 8.7% decrease in volume coincided with an increase in the early clearance rate.

Over the course of the week, 1,318 auctions took place, which is 8.0% fewer than the same week the previous year.

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