The national auction clearance rate slid over the weekend on the back of declines in Sydney and Melbourne.
According to RP Data, the national weighted average preliminary auction clearance rate was 70.8% over the weekend, which was down 3.6% from the 74.4% preliminary clearance rate reported last weekend. Sydney’s clearance rate fell by 4.1% to 78.3%, whereas Melbourne’s fell to 70.5% (last weekend 75.1%). Brisbane, which typically only has a small number of auctions, experienced no change in its clearance rate (still 49.4%. However, overall auction volumes (2,055) were up on last weekend’s 1,910.
The trend in the national clearance rate continues to rise, and remains well above the levels recorded during the 2011 and 2012 housing bear market and around the same as this time last year (see next chart).
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 75% on 818 reported auctions, which compares to the 77% preliminary clearance rate on 683 reported auctions last weekend.
For Sydney, APM reported a preliminary clearance rate of 83% on 416 reported auctions, which compares to the 83% preliminary clearance rate on 404 reported auctions recorded last weekend.
