The national auction clearance rate fell sharply over the weekend on the back of big falls in Sydney and Melbourne.
According to RP Data, the national weighted average preliminary auction clearance rate was 63.7% over the weekend, which was down 6.4% from the 71.1% preliminary clearance rate reported last weekend. Sydney’s clearance rate fell by 9.5% to 69.0%, whereas Melbourne’s fell to 63.8% (last weekend 68.2%). Brisbane, which typically only has a small number of auctions, also experienced a fall in its clearance rate (down 2.3% to 45.0%). However, overall auction volumes (2,882) were up significantly on last weekend’s 2,017, which were affected by the Melbourne Cup.
The trend in the national clearance rate is down and just below same level as this time last year (see next chart).
The Real Estate Institute of Victoria reported a preliminary clearance rate of 68% on 939 auctions reported to the REIV, which was down from the 69% on 210 reported auctions recorded last weekend.
For Sydney, APM reported a preliminary clearance rate 75% on 605 reported auctions, which was down from the clearance rate of 82% recorded on 639 auctions last weekend.
