The auction clearance rate in Australia’s biggest auction market – Melbourne – recorded a solid result over the weekend, with 70% of the 511 auctions reported to the REIV selling, but with 43 auctions listed as “no result”, which is likely to lead to downward revisions to the clearance rate as the missing results are picked-up (see below table).
The result compares positively to the 63% final clearance rate rate recorded last weekend on 469 auctions, which was downgraded from the 65% initially reported, and is in-line with the 2013 average clearance rate of 69%.
Auction results for Sydney are more difficult to decipher, with Residex reporting a clearance rate of 63% based on 91% of recorded auction sales, whereas APM reported a clearance rate of 73%. This compares to a reported clearance rate of 68% (Residex) and 69% (APM) last weekend.
