Auction clearance rates in Melbourne were very strong this weekend, while Sydney’s were down a little from last weekend but still strong.
Melbourne’s preliminary auction clearance rate today was either 69.% or 74% depending on who you believe – Domain reported a larger number of auctions results (448) compared to realestate.com.au
This weekend there was a high rate (21.7%) of auctions that were not reported by their selling agents, meaning the final clearance rate for Melbourne will end up somewhere around 63% to 66%.
But that’s still an encouraging result considering in was 59% last year when considerably more properties (821) were listed for auction. ).
Two years ago (2017) a 68% auction clearance rate was reported for the 896 properties listed.
Sydney preliminary auction clearance rate today was 63% with 443 properties listed for sale under the hammer and so far 315 results reported.
The unreported rate was a high 28.9%, meaning the final clearance rate is likely to drop to around 55% to 57%.
Last weekend’s final clearance rate was revised to to 65% after initially being quoted as 71%.
A year ago Sydney could only must a 49% clearance rate for the 517 properties listed for auction
In summary:
While Sydney’s auction clearance rates were softer than last week’s Melbourne delivered a stronger result than last week.
The number of properties listed for auction in our two big capital cities remains low compared to previous years, rising auction clearance rates should gives sellers who’ve been holding off selling their homes the encouragement to put their homes on the market.
Here are the auction clearance rates as reported by Domain
realestate.com.au report the following results:-
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from Property UpdateProperty Update https://propertyupdate.com.au/this-weekends-auction-results-melbourne-up-sydney-down-but-both-strong/
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