CoreLogic has released its final auction results for last weekend, with the clearance rate nationally rising to its highest level since mid-March 2022 before the RBA began hiking interest rates:
68.1% of auctions returned successful result last weekend, up from 62.4% in the same weekend last year.
Sydney’s final clearance rate was 71.1%, the city’s highest rate since mid-February (71.9%).
Melbourne’s final clearance rate (69.0%) was tied as the city’s highest since mid-February 2022.
As shown in the next chart, auction clearance rates typically lead house prices:
Sydney has recorded the strongest auction and house price rebound:
Whereas Melbourne’s auction rebound has been less sharp, as has its rebound in prices:
Regardless, the Australian house prices definitely look to have bottomed, led by the auction markets of Sydney and Melbourne.
