The national auction clearance rate bounced over the weekend on the back of big rises in Sydney and Melbourne.
According to RP Data, the national weighted average preliminary auction clearance rate was 69.0% over the weekend, which was up 5.3% from the 63.7% preliminary clearance rate reported last weekend. Sydney’s clearance rate jumped by 6.2% to 75.2%, whereas Melbourne’s jumped to 66.7% (last weekend 63.8%). Brisbane, which typically only has a small number of auctions, experienced little change in its clearance rate (up 0.3% to 45.3%). However, overall auction volumes (3,210) were up significantly on last weekend’s 2,882.
The trend in the national clearance rate is down and hovering around the same level as this time last year (see next chart).
The Real Estate Institute of Victoria reported a preliminary clearance rate of 69% on 1,193 auctions reported to the REIV, which was down from the 68% on 939 reported auctions recorded last weekend.
For Sydney, APM reported a preliminary clearance rate 74% on 581 reported auctions, which was down from the clearance rate of 75% recorded on 605 auctions last weekend.
