Auction clearance rates fell back in Sydney and Melbourne last week as the market heads into its traditional quiet period.
According to Australian Property Monitors (APM), in Melbourne the auction clearance rate came in at 59.1 per cent based on 293 reported auctions. This was down slightly on the 61.1 per cent recorded on the previous Saturday.
Propertydata.com.au reported a similar result for the city, at 57 per cent based on 822 reported auctions.
“The Real Estate Institute of Victoria (REIV) expects about 140 auctions next weekend,” said Enzo Raimondo, REIV CEO. “There will be very few auctions between Christmas and Australia Day as the market traditionally takes a break.”
In Sydney, APM said Saturday’s auction clearance rate touched 52.7 per cent based on 361 reported auctions, down from the 57.5 per cent posted the Saturday earlier.
Propertydata.com.au reported a much stronger result for NSW, with the clearance rate coming in at 62 per cent based on 346 reported auctions.
REINSW CEO Tim McKibbin said the strong result bodes well for 2013.
“With interest rates at their lowest point in several years, there is reason to believe that property seekers will be out in full force in the New Year, and overall clearance rates should improve from 2012,” he said.
In Adelaide, APM reported an auction clearance rate of 38.5 per cent for Saturday, based on 24 auctions, while in Brisbane 37 per cent of the 73 reported auctions sold under the hammer.