The national auction clearance rate rebounded over the weekend on the back of rises in Melbourne and Brisbane.
According to RP Data, the national weighted average preliminary auction clearance rate was 68.7% over the weekend, which was up 3.0% from the 65.7% preliminary clearance rate reported last weekend. Sydney’s clearance rate fell by 1.6% to 75.8%, whereas Melbourne’s rose to 67.2% (last weekend 65.6%). Brisbane, which typically only has a small number of auctions, experienced an 2.2% rise in its clearance rate to 54.2%. Overall auction volumes (2,352) were up significantly on last weekend’s 1,616.
The trend in the national clearance rate has begun to fall, but remains well above the levels recorded during the 2011 and 2012 housing bear market and slightly below the same as this time last year (see next chart).
The Real Estate Institute of Victoria reported a preliminary clearance rate of 74% on 843 reported auctions, whereas for Sydney APM reported a preliminary clearance rate of 79% on 533 reported auctions.
