Reported auction clearance rates in Australia’s two biggest markets were solid over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 71% on 712 auctions reported to the REIV, although 80 auctions were listed as “no result”, meaning there could be some downward revision once late results are chased-up (see below table).
There was no official auction clearance rate recorded last weekend or the same weekend last year due to the AFL Grand Final, which meant that only a very small number of homes went under the hammer. However, the weekend’s auction clearance rate of 71% was well below that recorded a fortnight ago, when a preliminary clearance rate of 78% was reported on 837 auctions.
By way of comparison, RP Data’s auction results for Melbourne were virtually identical, with 71.4% of auctions clearing on 865 reported auctions (i.e. a bigger sample than the REIV).
Sydney’s preliminary auction clearance rates were stronger. Clearance rates were reported as:
- 80.1% by RP Data versus 81.4% last weekend; and
- 82% by APM versus 82% last weekend.
Residex has yet to report its Sydney auction results for the weekend just gone.
Auction results for the other capitals are shown below, via RP data:
