CoreLogic reports: there were 1,424 homes scheduled for auction this week returning a clearance rate of 64.5 per cent. In the previous week it was 1,251 at auction. This time last year saw 1,295 homes taken to auction across the capital cities and a clearance rate of 62.9 per cent.
There were more homes scheduled for auction this week (1,424) than in the equivalent week of 12 months ago (1,295). On these figures the market is not only back to normal but better than last year.
Although this is excellent news for those in the property market, there must be an element of catch-up in the numbers. Auction sales that were postponed during the strictest of covid restrictions are now proceeding.
Even taking into account the catch-up effect, the figures are a huge relief, emerging from the covid shock and not knowing how the market would react once restrictions began to be eased.
The rebound in auction numbers and the clearance rate almost mirrors a similar rebound in consumer confidence. The connection between the two can’t be coincidental.