The national auction clearance rate rose sharply over the weekend on the back of increases in Sydney, Melbourne and Brisbane.
According to RP Data, the national weighted average preliminary auction clearance rate was 68.4% over the weekend, which was up 2.5% from the 65.9% preliminary clearance rate reported last weekend. Sydney’s clearance rate rose by 1.2% to 76.7%, whereas Melbourne’s rose to 67.7% (last weekend 63.9%). Brisbane, which typically only has a small number of auctions, experienced a strong increase in its clearance rate to 50.0% from 35.3% the weekend before. Overall auction volumes (1,544) were also up slightly on last weekend’s 1,511.
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 75% on 588 reported auctions, which compares to the 72% preliminary clearance rate on 611 reported auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 82% on 340 reported auctions, which compares to the 80% preliminary clearance rate on 338 reported auctions recorded last weekend.
