Auction clearance rates were mixed over the weekend, with New South Wales’ clearance rate rate weakening and Victoria’s strengthening, albeit from subdued levels.
In New South Wales, a provisional auction clearance rate of 59% was recorded from 358 auctions reported to the REINSW. This compares to a provisional clearance rate of 63% recorded last weekend on 338 auctions. However, the number of homes auctioned, although higher than the previous weekend, was still -21% below the same weekend of last year when 451 auctions went under the hammer.
In Victoria, a provisional auction clearance rate of 58% was recorded over the weekend on 432 auctions reported to the REIV. This compares to a provisional clearance rate of 55% recorded last weekend on 500 auctions.
This week’s provisional result was almost identical to that recorded in the same weekend of last year, where a clearance rate of 57% was recorded on 500 auctions, but well below the equivalent weekend of 2010 where a clearance rate of 73% was recorded on 352 auctions.
Once again, last week’s auction clearance rates published by the REINSW and REIV – 63% and 55% respectively – were more positive than those reported later in the week by RP Data, where clearance rates of 50.5% and 53.9% respectively were recorded for Sydney and Melbourne:
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.
