The Real Estate Institute of Victoria (REIV) yesterday released its preliminary auction results for the weekend just gone, which registered another dip in the auction clearance rate albeit on low volumes due to the Labour Day long weekend.
The REIV reported a preliminary clearance rate of 67% on 176 reported auctions. This compares to last week’s final clearance rate of 68% from 924 auctions. This week’s result was also much stronger than the 61% clearance rate on 186 auctions recorded in the same weekend of last year and the 64% clearance rate on 939 auctions recorded on the same weekend in 2011. However, around 10% of results were missing, which suggests that the clearance rate will soften further over coming days as late results are chased-up.
Over 2,000 auctions are scheduled in Victoria over the next two weeks, with around 870 expected next week and then 1,210 in a fortnight.
The Real Estate Institute of New South Wales (REINSW) recorded a clearance rate of 64% over the weekend on 432 reported auctions. However, with 63 results reported as missing, the result is likely to be significantly overstated.
