The auction clearance rate in Australia’s biggest auction market – Melbourne – rose slightly over the weekend, with 73% of the 617 auctions reported to the REIV selling, with 33 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 72% provisional clearance rate recorded last weekend on 653 auctions, which was downgraded to a final clearance rate of 70% on 733 auctions after late results were chased-up. It was also above the 60% clearance rate on 571 auctions recorded on the same weekend of last year. Next weekend the REIV expects around 750 auctions.
Sydney’s preliminary auction clearance rate was reported as 79% by Australian Property Monitors (APM), which was well above the 71% recorded last weekend and supposedly the highest clearance rate since 2010. By contrast, Residex recorded a clearance rate of 74% based on a sample of 88% of sales across Sydney metro. This was up from the the 70% clearance rate recorded by Residex last weekend, which was based on 92% of auction sales.