Australia’s two largest housing markets recorded steady auction clearance rates over the weekend.
In New South Wales, a provisional auction clearance rate of 61% was recorded from 498 auctions reported to the REINSW. This compares to a provisional clearance rate of 62% recorded last weekend on 455 auctions. However, the number of homes auctioned was still below the same weekend of last year when 516 homes went under the hammer.
In Victoria, an auction clearance rate of 62% was recorded on 695 auctions reported to the REIV. The result was the same as the 62% provisional clearance rate recorded last weekend on 644 auctions, which was later revised down to a clearance rate of 60%. However, it was a big improvement on the 53% clearance rate recorded in the same weekend of last year, although the number of homes auctioned was much lower (824 last year).
Once again, last week’s auction clearance rates published by the REINSW and REIV – 62% and 60% respectively – were more positive than those reported by RP Data, where clearance rates of 58% and 56% 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.
