The auction clearance rate in Australia’s biggest auction market – Melbourne – fell slightly over the weekend, with 71% of the 665 auctions reported to the REIV selling, with 40 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 was below the 73% provisional clearance rate recorded last weekend on 617 auctions, which was downgraded to a final clearance rate of 71% on 667 auctions after late results were chased-up. That said, the weekend’s result was well above the 60% clearance rate on 647 auctions recorded on the same weekend of last year and the 56% clearance rate on 768 auctions recorded in 2011. Next weekend the REIV expects around 760 auctions, with increases in listings projected throughout June. .
Sydney’s preliminary auction clearance rate was reported as 73% by Australian Property Monitors (APM), which was well below the 79% recorded last weekend – supposedly the highest clearance rate since 2010. By contrast, Residex recorded a clearance rate of 70% based on a sample of 99% of sales across Sydney metro. This was down from the the 74% clearance rate recorded by Residex last weekend, which was based on 88% of auction sales.
