Economy

Improved Melbourne market keeps auction clearance rates steady

SmartCompany /

Improved results for vendors in Australia’s biggest residential auction market, Melbourne, offset a small fall in auction clearances in other states over the weekend.

In Melbourne, 65% of 561 properties sold over the weekend, an improvement on the 63% clearance rate for the weekend before, according to Real Estate Institute of Victoria figures.

Sydney saw a decline in clearance rates from 56% to 54%, but a big jump in the number of properties for auction – 270 this weekend compared to 203 last weekend – meant that overall number of properties sold by auction increased, Australian Property Monitors data shows.

In Brisbane 36% of 48 properties up for auction were sold, down from 40% last weekend, while in Adelaide the clearance rate fell from 61% to 53%.

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