The national auction clearance rate essentially held steady over the weekend, with a rebound in Sydney clearances more or less offset by a fall in Melbourne.
According to RP Data, the weighted average preliminary auction clearance rate rose marginally to 66.1% from 65.4% the week before, driven by a 5.3% increase in Sydney (last weekend 70.9%), offset by a 2.8% decline in Melbourne to 61.7% from 64.5% last weekend. Brisbane’s clearances rate also held steady at 49.5% – exactly the same as the weekend before. However, this weekend’s auctions volumes were up significantly, from 2,177 last weekend to 2,714 this weekend.
Auction clearance rates continue to track at a level commensurate with the same time last year, following a significant fall over the past few months.
The other data providers produced better results but on smaller samples.
The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 73% on 1,017 reported auctions, up on 72% on 863 auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 79% on 513 reported auctions, which was up on the 75% clearance rate on 397 reported auctions recorded last weekend.
