The Real Estate Institute of Victoria (REIV) yesterday released its preliminary auction results for the weekend just gone, which registered a solid increase after last week’s tepid results on the back of low volumes due to the Labour Day long weekend.
The REIV reported a preliminary clearance rate of 69% on 805 reported auctions. This compares to last week’s final clearance rate of 67% on 176 auctions, which was later downgraded to a clearance rate of 61% on 206 auctions after late results were chased-up. This week’s 69% provisional clearance rate was also much stronger than the 58% clearance rate on 697 auctions recorded in the same weekend of last year and the 65% clearance rate on 249 auctions recorded on the same weekend in 2011. Further, with just over 5% of results missing, the clearance rate will likely hold around current levels as late results are chased-up over coming days.
Around 1,210 auctions are expected in Victoria next weekend, which is shaping up to be the fifth biggest in the state’s history.
The Real Estate Institute of New South Wales (REINSW) recorded a clearance rate of 71% over the weekend on 403 reported auctions. However, with 67 results reported as missing, the result is likely to be significantly overstated.
