The national auction clearance rate fell over the weekend on the back of falls in Sydney and Melbourne.
According to RP Data, the national weighted average preliminary auction clearance rate was 66.7% over the weekend, which was down 1.7% from the 68.4% preliminary clearance rate reported last weekend. Sydney’s clearance rate fell by 0.5% to 76.2%, whereas Melbourne’s fell to 64.1% (last weekend 67.7%). Brisbane, which typically only has a small number of auctions, experienced an increase in its clearance rate to 52.1% from 50.0% the weekend before. Overall auction volumes (1,675) were also up on last weekend’s 1,544.
The trend in the national clearance rate continues to flat-line, although it remains well above the levels recorded during the 2011 and 2012 housing bear market and slightly above the same time last year (see next chart).
As usual, the other data providers reported stronger results but on smaller samples.
The Real Estate Institute of Victoria reported a preliminary clearance rate of 71% on 613 reported auctions, which compares to the 75% preliminary clearance rate on 588 reported auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 83% on 319 reported auctions, which compares to the 82% preliminary clearance rate on 340 reported auctions recorded last weekend.
