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Auction clearance rates in Sydney and Melbourne reached 55 per cent on Saturday, according to data from Australian Property Monitors (APM).
Sydney recorded a 56.7 per cent clearance rate based on 284 auctions, with 34 of these auctions withdrawn. This was well up on the 50 per cent clearance rate recorded on June 9.
According to data from the Real Estate Institute of NSW (REINSW), auction clearance rates for the week to Saturday 16 June hit 63 per cent based on 490 auctions.
“[Last] week has seen a small spike in auction activity, with some vendors electing to avoid the Queen’s Birthday long weekend,” CEO of REINSW, Tim McKibbin, said.
Melbourne’s clearance rate touched 55.6 per cent based on 76 properties, according to APM. Based on Real Estate Institute of Victoria (REIV) data, however, the clearance rate hit 57 per cent on Saturday, based on 553 auctions, as reported on propertydata.com.au.
“The auction market continues to reflect the conservative position of buyers and sellers. Next weekend the REIV expects around 610 auctions,” said Enzo Raimondo, REIV’s CEO.
In Adelaide, APM recorded an auction clearance rate of 42.9 per cent based on 14 auctions. While propertydata.com.au recorded a similar clearance rate for South Australia (41 per cent) for last week, this figure was based on 42 auctions.
In Brisbane, APM said the clearance rate for Saturday was 17.4 per cent based on 14 reported auctions.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.