Reported auction clearance rates in Australia’s two biggest markets weakened slightly over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 71% on 1,048 auctions reported to the REIV, with 140 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 slightly on the 72% rate recorded last weekend on 925 auctions, which was later revised down to a 68% clearance rate on 1,053 auctions, once the missing results were chased-up. However, the weekend’s result 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 marginally worse, with a clearance rate of 70% recorded on 1,279 reported auctions (i.e. a bigger sample than the REIV).
Sydney’s preliminary auction clearance rates also weakened. Clearance rates were reported as:
- 78.2% by RP Data versus 78.6% last weekend;
- 81% by APM versus 84% last weekend; and
- 71% by Residex versus 73% last weekend.
Auction results for the other capitals are provided below via RP Data:
