Auction clearance rates fell again over the weekend, driven down by falls in both Sydney and Melbourne.
According to RP Data, the weighted average auction clearance rate dipped to 67.3% from 68.8% the week before, driven by a 2.5% fall in Melbourne (last weekend 65.9%) and a 4.1% decline in Sydney (last weekend 79.5%). Auction volumes were also down 11% on last weekend’s 3,009 reported auctions.
The other data providers produced better results on much smaller samples, although they too reported falling clearances.
The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 70% on 899 recorded auctions, down from 71% initially reported the week before. Whereas for Sydney, APM reported a clearance rate of 81% on 494 reported auctions, versus 83% last weekend on 393 reported auctions.
