Auction clearance rates in Australia’s two biggest markets – Sydney and Melbourne – held their ground over the weekend, with both markets once again recording solid auction results.
In Australia’s biggest auction market – Melbourne – clearances rose slightly to 71% on 681 auctions reported to the REIV. However, with 58 auctions listed as “no result”, the final clearance rate is likely to be downgraded by a few percentage points as late results come in (see below table).
Despite the likelihood that the final auction clearance rate will be revised downwards somewhat, the weekend’s result was broadly in-line with the 70% final clearance rate recorded last weekend on 787 auctions. The weekend’s result was also well above the 56% clearance rate on 590 auctions recorded on the same weekend of last year.
Sydney’s preliminary auction clearance rate was reported as 75% by Australian Property Monitors, which was marginally below the 76% clearance rate recorded last weekend. By contrast, Residex recorded a clearance rate of 67% based on a sample of 96% of sales across Sydney metro, which was down from 71% clearance rate recorded by Residex last weekend based on 93% of auction sales.
