Auction results were mixed over the weekend, with Sydney’s clearance rate firming and Melbourne’s cooling, although the latter was impacted by the Labour Day long weekend.
According to RP Data, the weighted average auction clearance rate fell to 70.4% from 72.8% the week before, driven by a big fall in Melbourne (63.3% versus 73.9% the week before), partly offset by a small increase in Sydney (80.2% versus 77.9% the week before):
The other data providers produced varied results.
The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 71% on 238 recorded auctions, down from 74% initially reported the week before. Whereas for Sydney, APM reported a clearance rate of 82% on 388 reported auctions, versus 83% last weekend on 414 reported auctions.
