The staging of the AFL and NRL Grand Finals over the weekend led to reduced auction activity in Australia’s two largest markets.
In New South Wales, a provisional auction clearance rate of 62% was recorded from 424 auctions reported to the REINSW. This compares to a provisional clearance rate of 63% recorded last weekend on 547 auctions. However, the number of homes auctioned was well above the same weekend of last year when 327 homes went under the hammer.
In Victoria, a provisional clearance rate was not published by the REIV as only41 auctions were reported.
Once again, last week’s auction clearance rates published by the REINSW and REIV – 63% and 64% respectively – were more positive than those reported later in the week by RP Data, where clearance rates of 60% and 59% 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.
