Auction clearances held firm over the weekend in Australia’s two largest markets, with both New South Wales and Victoria recording clearance rates in line with their year-to-date averages, but auction volumes remaining relatively subdued.
In New South Wales, a provisional clearance rate of 62% was recorded by the REINSW, just below last week’s provisional 63% clearance rate. However, auction volumes remain below ‘normal’ levels, with only 310 auctions reported over the weekend. While this was above the 267 auctions reported last weekend, it is -17% below the 372 auctions reported in the same weekend of last year.
In Victoria. a provisional auction clearance rate of 62% was recorded over the weekend, which is an improvement over the 61% provisional clearance rate recorded last weekend (revised down to 59%), and a big jump from the 52% clearance rate recorded two weekends prior, which was the worst result so far this year.
Auction volumes, however, remain well down on normal levels, with only 336 auctions reported to the REIV over the weekend. This compares to 372 reported auctions last weekend and 487 on the same weekend of last year.
The REIV was clearly relieved that Melbourne’s auction clearance rates picked-up from the shocker two weekends prior, but urged caution in reading too much into the latest figures:
”It’s pleasing to see it return to trend but that trend is still relatively weak in historical terms. You want to see an improvement in volumes and the clearance rate before you say the market has strengthened,” said spokesman Robert Larocca.
REIV figures show the number of properties going under the hammer is down about 13 per cent this winter compared to last year.
