Auction Clearance Rates - Sold to Listed - August 6th 2022
Please note the following is based off preliminary numbers and is subject to significant changes once unreported auctions are chased up.
It should be taken as an extremely rough and preliminary indicator, before other data sources fill in the blank later next week.
For those wanting more accurate data with the missing pieces filled in, that is posted here by the great team at SQM Research on Tuesdays.
Auction Action Summary
While this weeks clearance rates saw a very slight uptick off last weeks results, they remain in a historically weak position and consistent with prices continuing to fall.
Volumes are also down significantly in Melbourne compared with this time last year. The number of auctions scheduled has more than halved, illustrating just how much the market has changed.
For Sydney, a comparison is more challenging due to the harbour side city being in hard lockdown for six weeks at this point last year.
According to data from Domain in terms of the broader market outcomes can be quite disparate. At the lower end of the price spectrum some suburbs are holding up relatively well. But at elements of the top end of the market prices are falling quite rapidly.
On a 4 week moving average basis since the RBA cut rates, there are signs of stabilizing at a low base in Sydney, while Melbourne has come up a little bit as volumes fall away. This is also somewhat evident in the more complete SQM Research figures.
On the ground in Sydney
On the ground in Sydney Twitter’s roving reporter Parrapower saw around a ~40% clearance rate. While there were some eager buyers bidding against themselves, the market overall appears to be weakening.
Q&A
Why are these numbers different to those provided by Corelogic or Domain?
This data is based upon the percentage of scheduled auctions that resulted in a sale of the property as of the time of the initial reporting by agents on Saturday evening.
The data from Corelogic and Domain is based upon the number of successful auctions divided by the number of auctions reported by agents and other property industry figures.
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