Reported auction clearance rates in Australia’s two biggest markets were once again strong over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 82% on 573 auctions reported to the REIV, although a massive 108 auctions were listed as “no result”, which should result in some downward revision once late results are chased-up (see below table).
The weekend’s result for Melbourne was up significantly on the 75% preliminary clearance rate reported last weekend on 555 auctions, which was later revised down to a final clearance rate of 74% on 599 auctions. However, it was well above the 57% clearance rate on 560 auctions recorded on the same weekend of last year.
This week’s reported clearance rate by the REIV should be taken with a grain of salt, however. In addition to the large number of unreported auctions, RP Data’s auction results for Melbourne registered a a much lower (but still good) 77.5% clearance rate on 711 auctions (i.e. a much bigger sample), which is likely more indicative of the true state of play.
Sydney’s preliminary auction clearance rates were also strong, but weakened slightly. Clearance rates were reported as:
- 79.0% by RP Data versus 79.7% last weekend;
- 79% by APM versus 82% last weekend; and
- 72% by Residex versus 77% last weekend.
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