Auction clearances cool on high volumes

By Leith van Onselen

Following last week’s record result, Auction clearances cooled over the weekend on elevated volumes.

According to RP Data, the weighted average auction clearance rate fell to 72.8% from 82.0% the week before, driven by falls in Sydney (77.9% versus 87.5% the week before) and Melbourne (73.9% versus 79.0% the week before):

The other data providers produced similarly solid, albeit weaker, auction results.

The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 74% on 1,094 auctions, down from 75% the week before. Whereas for Sydney, APM reported a clearance rate of 83% on 414 auctions, versus 86% last weekend on 509 reported auctions.