Auctions take a breather

By Leith van Onselen

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.

 

Leith van Onselen

Comments

  1. As a reminder to NZers (and Aussies?) that even though the mortgagee sale figures, out today, are rising, those sales figures aren’t included in the calculations of the median price stats. (it might make them look bad!) Only a\the willing buyer/ seller figures get used. Personally, I can’t think of a better determinant of market price than a mortgagee sale, where the emotions are removed from the process; but what do I know!

  2. dumb_non_economist

    Weekly auction figures seem more like “Ground Hog Day” minus MB’s (UE etc) comment of 2 yrs ago when these were discussed!

  3. It’s good to get the reports…well for us lazy type people anyway.

    Well lower interest rates another 1%, flog off some more national assets to add a bit of ‘hot’ liquidity and it’s up up and away with property prices.
    The hesitation of the past 12 months is receding and we’re really getting a ‘kick’ on at the moment. As long as we hold current policies we can expect that ‘kick’ to just be the ‘kick off’ for the new game.