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Mukta Discussion started by Mukta 4 months ago
CoreLogic has released its final auction results for last weekend, showing a clearance rate of 60.1% - the lowest level since August 2021.
Sydney's clearance rate plummeted to 53.8% - the lowest in more than two years.
So what's the deal?
Last week, 2,879 homes were auctioned across the combined capitals, a 39.8% increase from the 2,059 auctions the week before, marking the busiest auction week since the pre-Easter seasonal spike... Last week's clearance rate was 60.1%, the lowest clearance rate since late August 2021...
A new COVID outbreak caused Sydney's clearance rate to plummet by 1.4 percentage points last week to 53.8% - Sydney's lowest clearance rate since late April 2020... Last week, 55.3% of auctions were successful, while last year, 78.9% were.
Sydney's auction clearance rate has historically been a good indicator of price growth,
In other words, Sydney's auction clearance rate shows falling house prices

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