The auction clearance rate in Australia’s biggest auction market – Melbourne – fell over the weekend, with 66% of the 575 auctions reported to the REIV selling, with 29 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 poorly to the 70% provisional clearance rate rate recorded last weekend on 511 auctions, which was downgraded to a final clearance rate of 68% on 583 auctions after late results were chased-up. It was also below the 2013 average clearance rate of 69%.
Auction results for Sydney are always more difficult to decipher, but clearance rates appeared to improve over the weekend, with Residex reporting a clearance rate of 71% based on 90% of recorded auction sales, whereas APM reported a clearance rate of 76%. This compares positively to the clearance rate of 63% (Residex) and 73% (APM) reported last weekend.
