Auction clearance rates bounced back over the weekend in Australia’s two major markets, with volumes also up significantly.
In New South Wales, a provisional auction clearance rate of 63% was recorded from 549 auctions reported to the REINSW. This compares to a provisional clearance rate of 58% recorded last weekend on 436 auctions. However, the number of homes auctioned was below the same weekend of last year when 570 homes went under the hammer.
In Victoria, a provisional auction clearance rate of 64% was recorded over the weekend on 624 auctions reported to the REIV. This compares to a provisional clearance rate of 60% recorded last weekend on 661 auctions, which was later revised down to a clearance rate of 58%.
Although this weekend’s provisional clearance rate was well above the 52% clearance rate recorded in the same weekend of 2011, the number of homes auctioned was lower, with 624 homes going under the hammer over the weekend versus 688 auctions in 2011.
Once again, last week’s auction clearance rates published by the REINSW and REIV – both 58% – were more positive than those reported later in the week by RP Data, where clearance rates of 56% and 57% 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.
