The national auction clearance rate slid further over the weekend on the back of declines in Sydney, Melbourne and Brisbane.
According to RP Data, the national weighted average preliminary auction clearance rate was 69.2% over the weekend, which was down 1.6% from the 70.8% preliminary clearance rate reported last weekend. Sydney’s clearance rate fell by 1.4% to 76.9%, whereas Melbourne’s fell to 69.3% (last weekend 70.5%). Brisbane, which typically only has a small number of auctions, experienced an 8% decline in its clearance rate to 41.4%. However, overall auction volumes (2,536) were up on last weekend’s 2,055.
The trend in the national clearance rate looks to have flattened-out, but remains well above the levels recorded during the 2011 and 2012 housing bear market and around the same as this 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 878 reported auctions, which compares to the 75% preliminary clearance rate on 818 reported auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 84% on 443 reported auctions, which compares to the 83% preliminary clearance rate on 414 reported auctions recorded last weekend.
