Reported auction clearance rates in Australia’s two biggest markets softened over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 70% on 155 auctions reported to the REIV, with 15 auctions listed as “no result”, which could result in some small downward revision once late results are chased-up (see below table). Auctions volumes were held down by the Spring Racing Carnival.
The reported clearance rate was down on the 74% rate recorded last weekend on 1,325 auctions, which was later revised down to a 73% clearance rate on 1,463 auctions, once the missing results were chased-up. However, the weekend’s result compares favourably to the 64% clearance rate recorded in the same weekend of last year.
By way of comparison, RP Data’s auction results for Melbourne were better, with a clearance rate of 71% recorded on 192 reported auctions (i.e. a bigger sample than the REIV).
Sydney’s preliminary auction clearance rates also softened, but remained quite strong. Clearance rates were reported as:
- 76.8% by RP Data versus 81.0% last weekend;
- 81% by APM versus 84% last weekend; and
- 71% by Residex versus 79% last weekend.
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