The weekend just gone was dubbed “Super Saturday” for the 2,415 auctions scheduled across Australia’s capital cities, which was the highest number of auctions since late-2010:
Based on the available data, the auction market performed solidly, with preliminary clearance rates in the mid-to-high 60% range recorded in the two major auction markets of Melbourne and Sydney.
In Australia’s biggest auction market – Melbourne – the REIV expected 1,210 auctions, which was to be the fifth biggest weekend on record. As of Sunday evening, the REIV had recorded a preliminary clearance rate of 68% on 1106 reported auctions, with 91 results still outstanding. The result compares to 68% recorded last weekend on 841 auctions, and 59% recorded on the same weekend of last year on 785 auctions.
In New South Wales, where auctions data is less readily available or reliable, the REINSW reported a clearance rate of 69% on 547 reported auctions, with 47 results still missing.
Residex, by contrast, reported a Sydney clearance rate of 63%, which was based on 85% of auction sales:
Later in the week, RP Data will publish its auction results for Australia’s capital cities, which is generally based on the broadest sample and is, therefore, the most comprehensive.
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