Auction clearance rates in Australia’s two biggest markets – Sydney and Melbourne – retraced over the long weekend, with both markets recording large falls on thin volumes.
In Australia’s biggest auction market – Melbourne – clearances fell to 66% on 158 auctions reported to the REIVe to 74% on 721 auctions reported to the REIV (see below table).
The result was significantly worse than the 74% provisional clearance rate recorded last weekend on 721 auctions, which was downgraded to a final clearance rate of 73% on 773 auctions after late results were chased-up. However, the weekend’s result was well above the 58% clearance rate on 162 auctions recorded on the same weekend of last year.
Sydney’s preliminary auction clearance rate was reported as 68% by Australian Property Monitors (APM), which was well below the 80% recorded last weekend. Similarly, Residex recorded a clearance rate of 70% based on a sample of 96% of sales across Sydney metro, which was down from the the 74% clearance rate recorded by Residex last weekend based on 93% of auction sales.
