Auction clearance rates over the weekend were 59% in Australia’s two major markets – Sydney and Melbourne. This compares to a year-to-date average of 62% and 61% respectively, according to the Real Estate Institutes of New South Wales and Victoria.
In Victoria – usually the auction capital of Australia – the clearance rate was above last week’s level (55%) and the same week last year (53%). However, the reported number of auctions (432) were well below last week (594) and the same weekend last year (465):
In New South Wales, auction clearance numbers were also down, with the number of reported auctions (435) below last week (447) and the same weekend last year (480):
As noted last week, the recent -75 basis points of cuts to official interest rates since early-May appear to have done little to reinvigorate the auction market.