Reported auction clearance rates in Australia’s two biggest markets were strong again over the weekend, albeit on lower volumes due to the Federal Election.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 74% on 441 auctions reported to the REIV, with only 12 auctions listed as “no result”, meaning there shouldn’t be much (if any) downward revision (see below table).
The weekend’s result for Melbourne was down slightly on the 75% preliminary clearance rate reported last weekend on 658 auctions, which was later revised down to a final clearance rate of 74% on 723 auctions. However, it was well above the 61% clearance rate on 515 auctions recorded on the same weekend of last year.
By way of comparison, RP Data’s auction results for Melbourne were almost identical, recording a 74.4% clearance rate on 518 auctions.
Sydney’s preliminary auction clearance rates were very strong. Clearance rates were reported as:
- 85.2% by RP Data versus 81.2% last weekend; and
- 88% by APM versus 84% last weekend.
Residex has yet to provide its Sydney weekend auction results.
Auction results for the other capitals are shown below, via RP data:
