The national auction clearance rate fell over the weekend, driven by decreases in Melbourne and Sydney.
According to RP Data, the national weighted average preliminary auction clearance rate was 65.2% over the weekend, which was down 1.4% from the 66.6% clearance rate recorded last weekend. Sydney’s clearance rate fell by 0.5% to 71.2%, whereas Melbourne’s fell to 65.9% (last weekend 67.1%). By contrast, Brisbane, which typically only has a small number of auctions, experienced a rise in its clearance rate (up 12.1% to 47.3%). Overall auction volumes (3,351) were down on last weekend’s 3,692.
The trend in the national clearance rate remains 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 70% on 1,266 auctions reported to the REIV, which was up from 69% on 1,347 reported auctions last weekend.
For Sydney, Domain (APM) reported a preliminary clearance rate 75% on 706 reported auctions, which was up from the clearance rate of 70.5% recorded on 1,028 auctions last weekend.
