Reported auction clearance rates in Australia’s two biggest markets were once again strong over the weekend.
In Australia’s biggest auction market – Melbourne – clearances rose to 76% on 548 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 was up on the 74% preliminary clearance rate reported last weekend on 515 auctions, which was later revised down to a final clearance rate of 72% on 549 auctions. It was also well above the 56% clearance rate on 500 auctions recorded on the same weekend of last year.
RP Data’s auction results for Melbourne registered 71.3% on 667 auctions (i.e. a much 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:
- 79.5% by RP Data versus 78.4% last weekend;
- 84% by APM versus 81% last weekend; and
- 76% by Residex versus 78% las weekend.
