Clearance rates up but volumes down in auction season opener: Weekend auction wrap
There was a firm start to weekend auctions in the Sydney and Melbourne residential markets, albeit on low volumes.
In Sydney there was a 72% success rate from 67 report results complied from the 80 scheduled auctions monitored by Australian Property Monitors.
On the same weekend last year there were 106 Sydney auctions and a 49% clearance rate.
But the very next weekend last February, vendors secured Sydney’s highest auction clearance rate for the year, when there was a 63% success rate.
According to Clinton McNabb, research analyst at Australian Property Monitors, the Sydney clearance rate fell gradually across the year from 59% in February to a low of 49% in December, and was 53% for the year.
APM has 198 auction listings for February 11, then 330 and 429 for the remaining February Saturdays.
Despite the big jumps in weekend volumes APM suggests the overall February total might be around 20% lower than last February.
Melbourne secured a 58% success rate from the 112 reported auctions.
This was a slight improvment on the 56% clearance rate for Melbourne auctions in 2011.
On the same weekend last year there were 189 auctions and a 56% clearance rate.
Next weekend about 305 auctions are expected in Melbourne, then 620 and 850, according to Robert Larocca, communications manager at the Real Estate Institute of Victoria.
