Auction clearance rates held firm over the weekend in Australia’s two major markets.
In New South Wales, a provisional auction clearance rate of 64% was recorded from 430 auctions reported to the REINSW. This compares to a provisional clearance rate of 61% recorded last weekend on 314 auctions, and a year-to-date clearance rate of 61%. The number of homes auctioned was also in-line with the same weekend of last year when 431 auctions went under the hammer.
In Victoria, a provisional auction clearance rate of 62% was recorded over the weekend on 455 auctions reported to the REIV. This compares to a provisional clearance rate of 66% recorded last weekend on 563 auctions, which was later revised down to 63%.
Although this weekend’s clearance rate was above the 55% clearance rate recorded in the same weekend on 2011 (when 517 homes went under the hammer), it was well below the same weekend of 2010, when a clearance rate of 70% was recorded on 680 auctions.
Once again, last week’s auction clearance rates published by the REINSW and REIV – 61% and 63% respectively – were more positive than those reported later in the week by RP Data, where clearance rates of 60% and 58% 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.
