Auction clearances firming

ScreenHunter_19 Mar. 13 13.12

The national auction clearance rate rose again over the weekend on the back of rises in Sydney, Melbourne and Brisbane.

According to RP Data, the national weighted average preliminary auction clearance rate was 74.4% over the weekend, which was up 2.2% from the 72.2% preliminary clearance rate reported last weekend. Sydney’s clearance rate rose by 1.3% to 82.4%, whereas Melbourne’s rose to 75.1% (last weekend 71.0%). Brisbane, which typically only has a small number of auctions, experienced a increase in its clearance rate to 49.4% from 47.0% the weekend before. However, overall auction volumes (1,910) were down on last weekend’s 2,004.

ScreenHunter_4050 Sep. 07 18.56

The trend in the national clearance rate is rising, and remains well above the levels recorded during the 2011 and 2012 housing bear market and slightly above the same time last year (see next chart).

ScreenHunter_4051 Sep. 07 18.56

As usual, the other data providers reported stronger results but on smaller samples.

The Real Estate Institute of Victoria reported a preliminary clearance rate of 77% on 683 reported auctions, which compares to the 76% preliminary clearance rate on 717 reported auctions last weekend.

For Sydney, APM reported a preliminary clearance rate of 83% on 404 reported auctions, which compares to the 82% preliminary clearance rate on 449 reported auctions recorded last weekend.

 

Leith van Onselen
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Comments

  1. This weeks massive auction results are bought to you by the FIRB*

    8 The Avenue LINLEY POINT $3,880,000
    30A Beresford Rd ROSE BAY $3,350,000
    46 Boundary St BRONTE $3,300,000
    80 Campbell St SURRY HILLS $3,130,000
    3 Lord Howe St DOVER HEIGHTS $2,836,000

    511 Belgrave Hallam Road, Lysterfield $3,400,000
    16 Somers Avenue, Malvern $3,380,000
    44 Clarence Street, Malvern East $3,130,000
    66 Alexandra Avenue, Canterbury $3,020,000
    1B Lingwell Road, Hawthorn East $2,610,000

    *These sales may be unapproved, illegal and unenforceable

    “You don’t know because we don’t check”

  2. “…APM reported a preliminary clearance rate of 83%…” Sensible people, those sellers!
    Nobody makes a bean until the cash is in the bank, and the more that people realize that, the higher the clearance rate should go
    (NB: Remember Billabong? How experts chuckled at his silliness when one of the founders sold out at $8.00’ish when it was a “obvious they were going higher”. And they did! But last I looked they were 50 cents odd, and that founding seller was probably quite content at being so silly too soon….)