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:
- Sydney remained very strong, closing out this weekend with a clearance rate of 80.14%.
- Melbourne continued to rebound with a clearance rate of 73.6%, topping the previous week’s 71.69%.
- Perth and Canberra remain strong, with clearances at 78.57% and 75% respectively.
- 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.
- Auction numbers reaching normal levels in 2021 will be the next test for Melbourne, and to a lesser degree Sydney, Brisbane and Adelaide.