Core Logic-RP Data released its auction market report yesterday, which posted a slight fall in the preliminary national clearance rate driven by the ongoing slump in Sydney.

The preliminary national auction clearance rate was 60.1%, down slightly from the 60.8% preliminary rate recorded last weekend, according to Core Logic-RP Data:

Sydney’s preliminary clearance rate fell a further 3.0% to 56.3%, whereas Melbourne’s was 65.0%, up slightly from the 64.7% rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 50.0%, up from the 43.6% recorded last weekend. Overall auction volumes (3,469) were up significantly from the 3,087 auctions recorded last weekend, and it was the second busiest weekend for auctions this year:

As shown in the next chart, Melbourne auction clearances continue to trend lower, but are up 2.0% over the year:

However, Sydney’s preliminary clearance rate is crashing, down by 14.3% over the year and down 37% from the peak:

Full report here.