The Sydney real estate market had another bumper weekend recording a clearance rate of 84% and 398 reported auctions from 545 listed, on the APM measure. RP Data’s auction clearance rate for Sydney was 81.2%.
Melbourne recorded a clearance rate of 71.8% according to APM and 73% according to RP Data (see table 1 below).
[1]RP Data’s preliminary auction clearance rate across the combined capital cities was 72.9%, up from 70% the previous week as 1,985 auctions were scheduled across the capital cities (see graph 1 below).
[2]The revised data for the previous week saw Sydney’s auction rate slip to 76.4% and Melbourne’s stay relatively steady at 78.1% on APM’s calculations. Melbourne saw 545 reported auctions compared to 370 in Sydney (see table 2 below).
[3]APM calculates the clearance rate by dividing the number of properties sold at auction plus the number sold prior, by the number of reported auctions (including properties passed in) plus those withdrawn.
“APM includes withdrawn auctions in the calculation to prevent any bias in the clearance rate caused by properties being withdrawn due to expectations it may not sell or fail to achieve an expected price. It’s still counted as no sale,” APM says in its methodology.
This time last year Sydney and Melbourne were recording auction clearance rates of 60.6% and 61.1% respectively, according to APM. The combined total value sold in those two cities has increased from $270.3 million 12 months ago to the weekend’s preliminary total of $480.9 million (see table 3 below).
[4]Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
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