Auction clearances firm

By Leith van Onselen

Auction clearance rates rebounded over the weekend, driven by stronger results in Sydney and Melbourne.

According to RP Data, the weighted average auction clearance rate rose to 72.4% from 70.4% the week before, driven by a 4.6% rise in Melbourne (last weekend 63.3%) and a 2.5% increase in Sydney (last weekend 80.2%):

The other data providers produced varied results.

The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 73% on 837 recorded auctions, up from 71% initially reported the week before. Whereas for Sydney, APM reported a clearance rate of 82% on 392 reported auctions, versus 82% last weekend on 388 reported auctions.