Reported auction clearance rates in Australia’s two biggest markets improved over the weekend.
In Australia’s biggest auction market – Melbourne – clearances rose slightly to 71% on 506 auctions reported to the REIV, although 42 auctions were listed as “no result”, which should lead to some downward revision once late results are chased-up (see below table).
The weekend’s result is up slightly on the 70% preliminary clearance rate reported last weekend on 426 auctions, which was later revised down to a final clearance rate of 68% on 461 auctions. It was also well above the 62% clearance rate on 481 auctions recorded on the same weekend of last year.
Frustratingly, RP Data’s auction results for Melbourne, which have lately reported lower clearance rates on bigger sample sizes than the REIV, were with held this weekend due to an issue with the data collection process, which precludes a direct comparison.
Sydney’s preliminary auction clearance rate was once again strong. Clearance rates were reported as:
- 80.6% by RP Data versus 79.1% last weekend;
- 81% by APM versus 81% last weekend; and
- 78% by Residex versus 73% last weekend.
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