The auction clearance rate fell over the weekend, driven by a big fall in Sydney, which more than offset a small rise in clearances in Melbourne.
According to RP Data, the weighted average preliminary auction clearance rate fell to 65.4% from 67.4% the week before, driven by a 5.2% decline in Sydney (last weekend 76.1%), with Brisbane clearances also down 5.3% (last weekend 54.8%). By contrast, Melbourne’s clearance rate rose marginally to 64.5% from 63.4% last weekend. This weekend’s auctions volumes were also up significantly, from 1,514 last weekend to 2,177 this weekend.
Auction clearance rates continue to track at a level commensurate with the same time last year, following a significant fall over the past few months.
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 72% on 863 reported auctions, up on 70% on 556 auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 75% on 397 reported auctions, which was down on the 78% clearance rate on 311 reported auctions recorded last weekend.
