Auction Clearance Rates - Sold to Listed - July 30th 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 significant boost off the lows recorded last weekend, they remain in a historically weak position and consistent with prices continuing to fall.
This could be partially driven by sellers choosing to meet the market all be it reluctantly, as pointed earlier this week by property expert Catherine Cashmore.
Despite the growing in weakness in a growing number of markets around the country, according to figures from the RBA overall housing credit growth in aggregate hasn’t been impacted by rising rates. This could arguably be partially driven by households withdrawing equity to build buffers against the rising cost of living and rising rates.
On a 4 week moving average basis since the RBA cut rates, there are signs of stabilizing at a low base. 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 ~50% clearance rate, showing that while the overall trend is weak there are still plenty of buyers out there in certain areas.
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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