The national auction clearance rate rose over the weekend, on the back of increases in Melbourne and Sydney.
According to RP Data, the national weighted average preliminary auction clearance rate was 70.5% over the weekend, which was up 2.0% from the 68.5% preliminary clearance rate reported last weekend. Sydney’s clearance rate rose by 2.6% to 78.1%, whereas Melbourne’s rose to 70.6% (last weekend 68.0%). Brisbane, which typically only has a small number of auctions, experienced little change in its clearance rate (up 0.1% to 50.6%). Overall auction volumes (2,445) were up slightly on last weekend’s 2,422.
The trend in the national clearance rate continues to fall, but remains well above the levels recorded during the 2011 and 2012 housing bear market and slightly below the same as this time last year (see next chart).
The Real Estate Institute of Victoria reported a preliminary clearance rate of 73% on 1,508 auctions reported to the REIV, which was unchanged from the 73% on 932 reported auctions recorded last weekend.
For Sydney, APM reported a preliminary clearance rate 79% on 552 reported auctions, which was down from the clearance rate of 81% recorded on 478 auctions last weekend.
