Reported auction clearance rates in Australia’s two biggest markets weakened over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 71% on 910 auctions reported to the REIV, although a massive 136 auctions were listed as “no result”, meaning there will likely be some downward revision once late results are chased-up (see below table).
The reported clearance rate was down significantly on the 76% rate recorded last weekend on 826 auctions, which was later revised down to a 74% clearance rate on 930 auctions, once the missing results were chased-up. However, the weekend’s result also compares favourably to the 59% clearance rate recorded in the same weekend of last year.
By way of comparison, RP Data’s auction results for Melbourne were less favourable (though still reasonable), with a clearance rate of 70% recorded on 1,124 reported auctions (i.e. a much bigger sample than the REIV).
Sydney’s preliminary auction clearance rates also fell on last weekend. Clearance rates were reported as:
- 81.1% by RP Data versus 82.6% last weekend;
- 80% by APM versus 86% last weekend; and
- 75% by residex versus 78% las weekend.
Auction results for the other capitals are provided below via RP Data:
