The national auction clearance rate rose over the weekend on the back of an increases in Sydney, with overall auction volumes down significantly on account of the Melbourne Cup in Melbourne.
According to RP Data, the national weighted average preliminary auction clearance rate was 71.1% over the weekend, which was up 0.6% from the 70.5% preliminary clearance rate reported last weekend. Sydney’s clearance rate rose by 0.4% to 78.5%, whereas Melbourne’s fell to 68.2% (last weekend 70.6%). Brisbane, which typically only has a small number of auctions, also experienced a fall in its clearance rate (down 3.3% to 47.3%). However, overall auction volumes (2,017) were down significantly on last weekend’s 2445 due to the upcoming Melbourne Cup.
The trend in the national clearance rate looks to be rebounding and is around the same level as this time last year (see next chart).
The Real Estate Institute of Victoria reported a preliminary clearance rate of 69% on just 210 auctions reported to the REIV, which was down significantly from the 73% on 1,508 reported auctions recorded last weekend.
For Sydney, APM reported a preliminary clearance rate 82% on 639 reported auctions, which was up from the clearance rate of 79% recorded on 552 auctions last weekend.
