Reported auction clearance rates in Australia’s two biggest markets – Sydney and Melbourne – strengthened over the weekend, although auction volumes remained fairly low.
In Australia’s biggest auction market – Melbourne – clearances rose to 76% on 354 auctions reported to the REIV, with only 6 auctions listed as “no result” (see below table).
The weekend’s result was significantly stronger than the 71% preliminary clearance rate reported last weekend on 344 auctions which was later revised down to a final clearance rate of 68% on 390 auctions. It was also well above the 55% clearance rate on 371 auctions recorded on the same weekend of last year.
A word of caution, however. The REIV’s auction results for Melbourne are contradicted by RP Data, which reported only a 67% clearance rate based on 397 auction results (i.e. a bigger sample).
Sydney’s preliminary auction clearance rate was strong, posting its strongest result in four years according to RP Data but on low volumes. Clearance rates were reported as:
- 79.7% by RP Data versus 74.5% last weekend;
- 81% by APM versus 78% last weekend; and
- 73% by Residex versus 73% last weekend.
