Reported auction clearance rates in Australia’s two biggest markets were strong over the weekend.
In Australia’s biggest auction market – Melbourne – clearances rose to 74% on 515 auctions reported to the REIV, although 22 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 71% preliminary clearance rate reported last weekend on 506 auctions, which was later revised down to a final clearance rate of 69% on 569 auctions. It was also well above the 60% clearance rate on 429 auctions recorded on the same weekend of last year.
RP Data’s auction results for Melbourne registered 69.7% on 584 auctions (i.e. a bigger sample), which is probably more indicative of the true state of affairs.
Sydney’s preliminary auction clearance rates were once again strong. Clearance rates were reported as:
- 78.4% by RP Data versus 80.6% last weekend; and
- 81% by APM versus 81% last weekend.
Residex is yet to report its results for Sydney.
