The national auction clearance rate rose over the weekend on strong volumes, with Sydney and Melbourne both experiencing a lift in clearances.
According to RP Data, the weighted average preliminary auction clearance rate rose to 68.3% from 66.1% the week before, driven by a 0.9% increase in Sydney (last weekend 76.2%) and a 2.9% increase in Melbourne (61.7% last weekend). However, Brisbane’s clearances rate fell slightly to 48.8% from 49.5% last weekend. This weekend’s auctions volumes were also up significantly, from 2,714 last weekend to 3,037 this weekend.
Auction clearance rates look to be rebounding following significant falls over the past few months, although they are tracking more or less in line with the same time last year:
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 1,057 reported auctions, the same as last weekend (73% on 1,017 auctions).
For Sydney, APM reported a preliminary clearance rate of 79% on 568 reported auctions, which was the same as the 79% clearance rate on 513 reported auctions recorded last weekend.
