Auction clearances slip

By Leith van Onselen

Auction clearance rates slipped 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 71.2% from 72.4% the week before, driven by a 4.8% fall in Sydney (last weekend 82.7%), although clearances in Melbourne rose by 3.8% (last weekend 67.9%):

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 75% on 892 recorded auctions, up from 73% initially reported the week before. Whereas for Sydney, APM reported a clearance rate of 81% on 352 reported auctions, versus 82% last weekend on 392 reported auctions.