The national auction clearance rate continues to strengthen, driven by Sydney.
According to RP Data, the weighted average preliminary auction clearance rate was 68.1% over the weekend, which was up from 66.6% last weekend. Sydney’s clearance rate rose by 1.3% to 73.2%, whereas Melbourne’s rose only slightly to 69.3% (last weekend 69.1%). Brisbane, which typically only has a small number of auctions, experienced a strong rise in its clearance rate to 43.9% from 38.1% the weekend before. However, overall auction volumes (1,970) were also down slightly on last weekend’s 2,041, but remain at a fairly high level for this time of year.
The trend in the national clearance rate continues to consolidate from the very strong levels recorded in the second half of last year and the first quarter of 2014; although it remains well above the levels recorded during the 2011 and 2012 housing bear market and is at similar levels to the same time last year:
As usual, the other data providers produced better results but on smaller samples.
The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 75% on 640 reported auctions, which compares to the 72% preliminary clearance rate on 708 reported auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 74% on 435 reported auctions, which compares to the 75% preliminary clearance rate on 429 reported auctions recorded last weekend.
