The national auction clearance rate bounced over the weekend, driven by a big rebound in Melbourne, which drove the preliminary national clearance rate up to 70.0% from 66.9% last week and 70.2% at the same time last year.
Sydney’s clearance actually fell by 2.6% to 77.9%, whereas Melbourne’s rose 6.0% to 67.4%. Brisbane, which typically only has a small number of auctions, experienced a solid rise in its clearance rate (up 5.0%% to 45.6%). Overall auction volumes (1,365) were also up significantly on last weekend’s 954.
The Real Estate Institute of Victoria reported a preliminary clearance rate of 74% on 458 reported auctions, which was up from the 61% clearance rate on 412 auctions reported last weekend.
For Sydney, Domain (formerly APM) reported a preliminary clearance rate 83% on 372 reported auctions, which was up from the 82% clearance rate on 256 auctions reported last weekend.