Reported auction clearance rates in Australia’s two biggest markets were strong again over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 75% on 555 auctions reported to the REIV, although 75 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 down slightly on the 76% preliminary clearance rate reported last weekend on 548 auctions, which was later revised down to a final clearance rate of 74% on 599 auctions. However, it was well above the 55% clearance rate on 467 auctions recorded on the same weekend of last year.
The REIV’s 75% reported clearance rate compares to RP Data’s auction results for Melbourne, which registered 71.6% clearance rate on 663 auctions (i.e. a much bigger sample).
Sydney’s preliminary auction clearance rates were once again very strong. Clearance rates were reported as:
- 79.7% by RP Data versus 79.5% last weekend; and
- 82% by APM versus 84% last weekend.
Residex is yet to report its weekend results for Sydney.
