The auction reporting season started again over the weekend, with the Real Estate Institute of Victoria (REIV) reporting a ‘healthy’ preliminary clearance rate of 71% from 108 auctions reported to the REIV (see below table).
While the reported auction clearance rate was solid, there were 24 auctions (around 20%) classified as “no result”, suggesting that the final reported clearance rate could fall into the mid-60% level once late results are chased-up by the REIV. According to the REIV, vendors have three days to sell under legal auction conditions, which means that the final clearance rate will not be known until Wednesday evening, when it is updated on the REIV’s website (even then there are usually some missing results, suggesting failed auctions).
The REIV is expecting the number of auctions to ramp-up in coming weeks, with 220 auctions expected next weekend increasing to a high of 950 auctions on 23 and 24 February. As usual, these results will be analysed on MacroBusiness and, when possible, compared against results published later in the week by RP Data.
Note: there were no auctions results published by the Real Estate Institute of New South Wales.