Melbourne’s auction clearance rate booms!

It’s Friday funny time, with the REIV’s final auction clearance rate coming in hot once again, at a rip roaring 89% :

The final auction results for week ending 16 August 2020 from 88 per cent results collected by the REIV.
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— REIV (@REIVictoria) August 19, 2020

Not so says CoreLogic, which recorded a final auction clearance rate for Melbourne of just 53.7%:

In Melbourne, 191 homes were scheduled for auction last week, lower than the 294 the previous week. The lower volumes saw the clearance rate dip with 53.7% of auctions returning a successful result, 10 percentage points lower than the week prior. Of the 190 results collected, 33% reported a withdrawn result, which was higher than the 23% withdrawn over the week prior. The high withdrawal rate is the main contributor to the lower clearance rate over the week. Of the 102 sold results collected, 55.9% reportedly sold prior to the scheduled auction date.

SQM Research was even more bearish, recording a final clearance rate for Melbourne of just 47.1%:

According to Louis Christopher:

“The Melbourne mid week auctions had a very high clearance rate of 65.1% from 43 Scheduled. However the Saturday result bombed out at just 42.5% from 167 auctions”.

More fraud stats from the REIV.