The holiday break halts auction market momentum – for now

Auction clearance rates generally fell away at the weekend following the relatively robust results recorded over the previous two weekends.

Low auction numbers contributed to weaker clearance rates with both buyers and sellers distracted by the Queens Birthday long weekend holiday.

Following this year’s trend, listings were again well below the numbers auctioned over the same holiday weekend last year.

Markets however are set to bounce back next weekend with confidence rising following the predictable and overdue announcement last week by the RBA of a cut in official interest rates to a new low 1.25%.

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Auction clearance rates up till last weekend…

Melbourne auction clearance rates

Sydney auction clearance rates

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Dr. Andrew Wilson

About

Dr Andrew Wilson, of www.MyHousingMarket.com.au is Australia’s leading property economist.


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