The national auction clearance rate slipped 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 67.7% over the weekend, which was down 1.3% from the 69.0% preliminary clearance rate reported last weekend. Sydney’s clearance rate fell by 0.9% to 74.3%, whereas Melbourne’s fell to 64.9% (last weekend 66.7%). Brisbane, which typically only has a small number of auctions, experienced a big jump in its clearance rate (up 6.9% to 52.2%). Overall auction volumes (3,294) were up slightly on last weekend’s 3,210.
The trend in the national clearance rate is down and hovering around the same level as this time last year (see next chart).
The Real Estate Institute of Victoria reported a preliminary clearance rate of 67% on 1,073 auctions reported to the REIV, which was down from the 69% on 1,193 reported auctions recorded last weekend.
For Sydney, APM reported a preliminary clearance rate 73% on 632 reported auctions, which was down from the clearance rate of 74% recorded on 581 auctions last weekend.
