AdvertisementOne positive is that the auction market has posted a modest rebound recently, with final auction clearance rates climbing from the lows recorded in June, as illustrated below. AdvertisementMelbourne’s preliminary clearance rate of 60.8% broke the 60% mark for the first time since the week ending May 24th, whereas Sydney’s preliminary clearance rate of 57.0% was the highest reading in four weeks. For comparison, the average preliminary clearance rate over the past decade is 68%. AdvertisementThus, while the auction market has improved somewhat, it remains weak overall and portends further house price falls. The housing market correction remains entrenched.