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Auction clearance rates remained above the 50 per cent mark in Sydney and Melbourne on Saturday, according to data from Australian Property Monitors (APM) and the various state real estate institutes.
Melbourne’s clearance rate edged above the 50 per cent mark based on 181 reported auctions, down from 55.6 per cent the week before, according to APM.
The Real Estate Institute of Victoria (REIV) reported a higher clearance rate of 56 per cent for the weekend, based on 544 reported auctions.
“Next weekend marks the end of the first half of the year and the year to date clearance rate is 61 per cent compared to 63 per cent this time last year, and 82 per cent in 2010,” said Enzo Raimondo, REIV CEO.
“Next weekend the REIV expects around 500 auctions.”
Sydney’s clearance rate remained at 56 per cent, the same as the previous Saturday, based on 241 reported auctions.
According to data from the Real Estate Institute of NSW (REINSW), auction clearance rates for the week to Saturday 23 June hit 60 per cent based on 459 auctions.
“Clearance rates in recent months have remained around the 60 per cent mark, with just one of the previous 12 weeks seeing a clearance rate below 59 per cent,” said Real Estate Institute of NSW CEO, Tim McKibbin.
“This is a modest improvement on the same time last year, where six weeks recorded clearance rates of 56 per cent or lower.”
In Adelaide, APM recorded an auction clearance rate of 37 per cent for Saturday, based on 25 reported auctions. Propertydata.com.au recorded a higher clearance rate for South Australia (47 per cent) for the week to Sunday June 24, based on 38 reported auctions.
In Brisbane, APM said the clearance rate for Saturday was 38.5 per cent based on 24 reported auctions.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.
Real estate is a type of real property that refers to any land and its permanent improvement or structures that come with it, whether natural or man-made.