This weekend’s auction results: slight drop in clearance rate

It’s been another busy auction weekend, but auction clearnace rates (as reported by Australian Property Monitors) have dropped a little.

Sydney clearance rates dropped below 80% for the first time in 9 weeks  – to a very respectable 79.9%

Auctions in the Melbourne property market were much like last week at 72% – much better than 59% 12 months ago. It will be intersting to see the results next week when over 1,600 properties go up for auction.

Here are more details from APM:

AuctionsOctober18th

auctionsOctober18_2 



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'This weekend’s auction results: slight drop in clearance rate' have 4 comments

  1. Avatar for Property Update

    October 22, 2013 @ 7:24 am Ted

    Hi Michael, love your articles. I have noticed that the clearance rates reported late Saturday afternoon are usually a bit higher than the followup clearance rates reported on the following Monday or Tuesday. A couple of.weeks ago they reported Sydney with an 82% clearance rate but in the followup on the Monday after they had collected more results, the clearance rate was then reported as 72% for Sydney. A similar occurance with Melbourne results. I was also wondering if you think auction clearance rates have now peaked for Sydney and Melbourne ?

    Reply

    • Avatar for Property Update

      October 22, 2013 @ 7:36 am Michael Yardney

      Ted
      You’re right – what I quoted was APM’s stats as reported Saturday night – not all the results are reported by then, especially the results the agents are not as keen to report (no sales or still negotiating) so it is common to revise them down a bit as the week goes on.
      Have auction clearance rates peaked?
      Yes I’ve noticed the trend also but I wonder if what we are seeing is more properties on the market and vendors a little bit more confident asking higher prices buoyed on by selling agents keen to buy listings and encouraging vendors with unrealistic expectations. Then after a failed auction market reality kicks in and the property sells

      Reply

  2. Avatar for Property Update

    October 20, 2013 @ 6:47 am Jean

    I enjoy reading your information and data but for me I would love to see Canberra included in your analysis. Is this possible?

    Reply

    • Avatar for Property Update

      October 20, 2013 @ 6:55 am Michael Yardney

      Thanks for the kind words Jean
      I include Canberra when the research houses provide data.
      Auction cleanse rates tend not to be reported for Canberra, probably because it’s such a small market

      Reply


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