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Recent statistics are identifying that the auction clearance rate improved over the weekend from the previous week, with the long weekend denting previous statistics.
Over the combined capital cities, the auction clearance rate was noted by RP Data to be 65.7 per cent, up from 61.4 per cent for the previous week.
The volumes of the auctions also increased, “after a subdued level of auction activity last week as a result of the long weekend across the nation”, RP Data’s market summary explained.
There were 1,751 auctions in the capitals, compared to 775 over the long weekend.
Sydney saw the strongest result this week, with a 76.3 per cent clearance rate, up from 66 per cent. Melbourne’s clearance rate saw a 69.3 per cent result, compared to a slightly softer 68.4 per cent previously.
Since December 2012, auction clearance rates as a combined capital city average have been trending upwards.
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.