Reported auction clearance rates in Australia’s two biggest markets strengthened over the weekend despite record auction volumes.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 74% on 1325 auctions reported to the REIV, with only 121 auctions listed as “no result”, suggesting there may only be small downward revision once late results are chased-up (see below table).
The reported clearance rate was up on the 71% rate recorded last weekend on 910 auctions, which was later revised down to a 70% clearance rate on 1009 auctions, once the missing results were chased-up. The weekend’s result also compares favourably to the 60% 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 72% recorded on 1,614 reported auctions (i.e. a much bigger sample than the REIV).
Sydney’s preliminary auction clearance rates were also strong. Clearance rates were reported as:
- 81.0% by RP Data versus 81.1% last weekend;
- 84% by APM versus 80% last weekend; and
- 79% by residex versus 75% last weekend.
Auction results for the other capitals are provided below via RP Data:
