The national auction clearance rate delivered yet another strong result over the weekend, driven again by strong demand in Sydney and Melbourne.
The preliminary national clearance rate was 73.0%, down from last week’s 77.1%. However, as shown by the next chart, clearance rates remain highly elevated:
Sydney’s clearance rate rose 0.5% to 83.3%, whereas Melbourne’s fell by 2.8% to 73.7%. Clearances in Brisbane, which typically only has a small number of auctions, fall sharply to 35.5% from 54.6% last weekend. Overall auction volumes (1,554) were down heavily on last weekend’s 3,132, due primarily to the Labour Day long weekend in Melbourne.
The Real Estate Institute of Victoria reported a preliminary clearance rate of 71% on 306 reported auctions, which was down from the 79% clearance rate on 1,275 auctions reported last weekend.
For Sydney, Domain (formerly APM) reported a preliminary clearance rate of 83% on 465 reported auctions, which was down on the 85% clearance rate on 585 auctions reported last weekend.
