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 658 auctions reported to the REIV, although a massive 157 auctions were listed as “no result”, which should result in some downward revision once late results are chased-up (see below table).
However, the weekend’s result for Melbourne was down significantly on the 82% preliminary clearance rate reported last weekend on 573 auctions, which was later revised down to a final clearance rate of 79% on 644 auctions. That said, it was well above the 63% clearance rate on 486 auctions recorded on the same weekend of last year.
By way of comparison, RP Data’s auction results for Melbourne registered a lower (but still good) 73% clearance rate on 833 auctions (i.e. a much bigger sample), which is likely a more accurate account of the strength of the auction market.
Sydney’s preliminary auction clearance rates were very strong. Clearance rates were reported as:
- 81.2% by RP Data versus 79.0% last weekend;
- 84% by APM versus 79% last weekend; and
- 72% by Residex versus 77% last weekend.
Auction results for the other capitals are shown below, via RP data:
