The national auction clearance rate fell over the weekend, driven by a big decline in Melbourne.
According to RP Data, the national weighted average preliminary auction clearance rate was 64.3% over the weekend, which was down 0.9% from the 65.2% clearance rate recorded last weekend. Sydney’s clearance rate rose by 5.0% to 76.2%, whereas Melbourne’s fell to 61.2% (last weekend 65.9%). Brisbane, which typically only has a small number of auctions, experienced a rise in its clearance rate (up 3.5% to 50.8%). Overall auction volumes (1,622) were down significantly on last weekend’s 3,351.
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 68% on 480 auctions reported to the REIV, which was down from 70% on 1,266 reported auctions last weekend.
For Sydney, Domain (APM) reported a preliminary clearance rate 76% on 283 reported auctions, which was up from the clearance rate of 75% recorded on 706 auctions last weekend.