Reported auction clearance rates weakened in Melbourne but were broadly flat in Sydney over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 66% on 1,237 auctions reported to the REIV, with 262 auctions listed as “no result”, which should result in some downward revision once late results are chased-up (see below table).
The reported clearance rate was down significantly on the 70% rate recorded last weekend on 1,251 auctions, which was later revised down to a 68% clearance rate on 1,438 auctions once the missing results were chased-up. However, the weekend’s result still 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 worse, with a clearance rate of 64% recorded on 1,530 reported auctions (i.e. a bigger sample than the REIV).
Sydney’s preliminary auction clearance rates were broadly flat. Clearance rates were reported as:
- 75.6% by RP Data versus 74.7% last weekend; and
- 78% by APM versus 80% last weekend.
Residex has yet to report its auction results for the weekend just gone.
Auction results for the other capitals are provided below via RP Data:
