Reported auction clearance rates in Australia’s two biggest markets lifted over the weekend.
In Australia’s biggest auction market – Melbourne – the preliminary clearance rate was 76% on 826 auctions reported to the REIV, although a massive 143 auctions were listed as “no result”, meaning there will likely be some downward revision once late results are chased-up.
The reported clearance rate was up significantly on the 71% rate recorded last weekend on 712 auctions, which was later revised down to a 70% clearance rate on 835 auctions, once the missing results were chased-up. The weekend’s result also compares favourably to the 64% clearance rate recorded in the same weekend of last year.
By way of comparison, RP Data’s auction results for Melbourne were less favourable (though still strong), with a clearance rate of 74% recorded on 1,014 reported auctions (i.e. a much bigger sample than the REIV).
Sydney’s preliminary auction clearance rates also rose on last weekend. Clearance rates were reported as:
- 82.6% by RP Data versus 80.1% last weekend; and
- 86% by APM versus 82% last weekend.