Australia’s two largest housing markets recorded a slight weakening in auction clearance rates over the weekend.
In New South Wales, a provisional auction clearance rate of 62% was recorded from 466 auctions reported to the REINSW. This compares to a provisional clearance rate of 63% recorded last weekend on 430 auctions. However, the number of homes auctioned was well below the same weekend of last year when 540 homes went under the hammer.
In Victoria, an auction clearance rate of 62% was recorded on 578 auctions reported to the REIV. The result was down on the 66% provisional clearance rate recorded last weekend on 546 auctions, which was later revised down to a clearance rate of 64%. However, it was a big improvement on the 54% clearance rate recorded in the same weekend of last year, although the number of homes auctioned was lower (684 last year).
Once again, last week’s auction clearance rates published by the REINSW and REIV – 63% and 64% respectively – were more positive than those reported by RP Data, where clearance rates of 58% and 61% 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.
