Reported auction clearance rates in Australia’s two biggest markets weakened again over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 66% on 944 auctions reported to the REIV, with 139 auctions listed as “no result”, which could result in some small downward revision once late results are chased-up (see below table).
The reported clearance rate was down significantly on the 71% rate recorded last weekend on 1,048 auctions, which was later revised down to a 70% clearance rate on 1,177 auctions, once the missing results were chased-up. However, the weekend’s result still compares favourably to the 63% clearance rate recorded in the same weekend of last year.
By way of comparison, RP Data’s auction results for Melbourne were slightly better, with a clearance rate of 67% recorded on 1,161 reported auctions (i.e. a bigger sample than the REIV).
Sydney’s preliminary auction clearance rates also weakened. Clearance rates were reported as:
- 74.9% by RP Data versus 78.2% last weekend; and
- 80% by APM versus 81% last weekend.
Residex has yet to provide its auction results for the weekend just gone.
Auction results for the other capitals are provided below via RP Data:
