Auction clearance rates in Australia’s two biggest markets – Sydney and Melbourne – bounced back over the weekend.
In Australia’s biggest auction market – Melbourne – clearances rose to 70% on 740 auctions reported to the REIV. However, with 39 auctions listed as “no result”, the final clearance rate is likely to be downgraded by a few percent as late results come in (see below table).
Despite the likelihood that the final auction clearance rate will be revised downwards, the weekend’s result was an improvement on the 66% provisional clearance rate recorded last weekend on 158 auctions, which was downgraded to a final clearance rate of 65% on 182 auctions after late results were chased-up. The weekend’s result was also well above the 53% clearance rate on 610 auctions recorded on the same weekend of last year.
Sydney’s preliminary auction clearance rate was reported as 76% by Australian Property Monitors on 368 auctions, which was well above the 68% clearance rate recorded last weekend. By contrast, Residex recorded a clearance rate of 71% based on a sample of 93% of sales across Sydney metro, which was up slightly from the the 70% clearance rate recorded by Residex last weekend based on 96% of auction sales.
