The auction clearance rate in Australia’s biggest auction market – Melbourne – jumped over the weekend, with 71% of the 716 auctions reported to the REIV selling, with 52 auctions still listed as “no result”, which will likely lead to some minor downward revisions to the clearance rate as the missing results come in (see below table).
The result compares favourably to the 66% provisional clearance rate rate recorded last weekend on 575 auctions, which was downgraded to a final clearance rate of 65% on 618 auctions after late results were chased-up. It was also above the 2013 average clearance rate of 69% and well above the 59% clearance rate recorded in the same weekend of last year. Next weekend the REIV expects around 740 auctions.
While auction results for Sydney are more difficult to decipher, the clearance rate appeared steady over the weekend, with Residex reporting a clearance rate of 72% based on 90% of recorded auction sales, whereas APM reported a clearance rate of 74%. The results are broadly in-line with the clearance rates of 71% (Residex) and 76% (APM) reported last weekend.
