Melbourne auction clearances bounce

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By Leith van Onselen

Auction clearance rates lifted over the weekend in Australia’s two major markets.

In New South Wales, a provisional auction clearance rate of 61% was recorded from 322 auctions reported to the REINSW. This compares to a provisional clearance rate of 59% recorded last weekend on 358 auctions. However, the number of homes auctioned was still -29% below the same weekend of last year when 451 auctions went under the hammer.

In Victoria, a provisional auction clearance rate of 66% was recorded over the weekend on 516 auctions reported to the REIV. This compares to a provisional clearance rate of 58% recorded last weekend on 470 auctions, which was later revised down to 57%.

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This week’s provisional result was also well above that recorded in the same weekend of last year, where a clearance rate of 52% was recorded on 605 auctions, and above the year-to-date clearance rate of 60%.

Once again, last week’s auction clearance rates published by the REINSW and REIV – 59% and 57% respectively – were more positive than those reported later in the week by RP Data, where clearance rates of 56% and 54% respectively were recorded for Sydney and Melbourne:

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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.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.