The national auction clearance rate rocketed over the weekend, driven by big surges in Sydney and Melbourne, which drove the preliminary national clearance rate up to 77.7% from 70.0% last week and 76.2% at the same time last year.
Sydney’s clearance surged by 9.9% to 87.8%, whereas Melbourne’s rose 7.5% to 74.9%. Brisbane, which typically only has a small number of auctions, also experienced a big lift in its clearance rate (up 23.3%% to 68.9%). Overall auction volumes (2,248) were also up significantly on last weekend’s 1,365.
The Real Estate Institute of Victoria reported a preliminary clearance rate of 76% on 826 reported auctions, which was up from the 74% clearance rate on 458 auctions reported last weekend.
For Sydney, Domain (formerly APM) reported a preliminary clearance rate 85% on 514 reported auctions, which was up from the 83% clearance rate on 372 auctions reported last weekend.
