Weekly auction clearances – 7 December 2020

The national property market stepped into summer with a nationwide clearance rate of 75.19%, up from last week’s 73.93% as the market continues to show all the signs of a rapid recovery.

Some notable points from the weekend’s auctions based on CoreLogic’s numbers include:

  1. Sydney remained very strong, closing out this weekend with a clearance rate of 80.14%.
  2. Melbourne continued to rebound with a clearance rate of 73.6%, topping the previous week’s 71.69%.
  3. Perth and Canberra remain strong, with clearances at 78.57% and 75% respectively.
  4. Auction volumes remain lower than normal. This is most noticeable in Melbourne, coming in with 874 homes going under the hammer, compared with 1,520 this time last year.
  5. Auction numbers reaching normal levels in 2021 will be the next test for Melbourne, and to a lesser degree Sydney, Brisbane and Adelaide.

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