Auction clearance rates in Australia’s two major markets improved over the weekend, although volumes remained down on average levels.
In New South Wales, a provisional auction clearance rate of 64% was recorded over the weekend by the REINSW, which is an improvement on the 62% clearance rate recorded last week, and the year-to-date average clearance rate of 59%.
Auction volumes remain relatively low, however, with only 379 auctions reported to the REINSW, which is -19% below the 470 auctions reported to the REINSW at the same time last year.
It was a similar situation in Victoria, where the REIV reported a provisional auction clearance rate of 62%, which was the same as that recorded last weekend, but above the 57% clearance rate recorded in the same weekend of last year.
Again, auction clearance rates remain subsdued, with only 426 auctions reported to the REIV, which is -27% below the 584 auctions reported in the same weekend of last year.
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.
