Auction clearance rates fell over the weekend, with mixed results in the two biggest cities, Sydney and Melbourne.
According to RP Data, the weighted average auction clearance rate dipped to 68.8% from 71.2% the week before, driven by a 5.8% fall in Melbourne (last weekend 71.7%), although clearances in Sydney rose by 1.6% (last weekend 77.9%). Auction volumes were also up 24% on last weekend’s 2,431 auctions.
The other data providers produced better results but on much smaller samples.
The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 71% on 1,124 recorded auctions, down from 75% initially reported the week before. Whereas for Sydney, APM reported a clearance rate of 83% on 393 reported auctions, versus 81% last weekend on 352 reported auctions.
