by Antony Bucello
The REIV has reported a clearance rate of 55% from the 633 properties that went to auction on the weekend, up from the 51% revised clearance rate recorded last weekend. A total of 349 properties found new owners and 284 properties passed in, 192 passed in on a vendors bid.
While the clearance rate remains under 60%, it also remains fairly consistent with what’s been happening over the past few months, with the average clearance rate for September reported at 54% and year-to-date at 57%.
At the same time last year, the clearance rate was 66% from the 700 odd properties that were auctioned.
There will be an increase in the number of auctions next weekend, with the REIV expecting around 880 properties to go under the hammer.
The NPB Clearance Rate for the week was 67%, up 3% from last week when the NPB clearance rate was recorded at 64%. 25 properties of the 37 we reviewed on the weekend sold and 12 passed in.
The lower end of the market (under $600k) this week again outperformed the middle range and high end with a clearance rate of 71%. 10 of the 14 properties we reviewed sold and 4 were passed in. This is slightly higher than the 69% this category achieved last week.
The middle range category ($600k-$1m) had a NPB clearance rate of 66% – the same as it was last week – with 8 of the 12 properties we reviewed selling, again indicating a consistent and balanced market in this category.
The high end of the market ($1m+) was 63%, up 8% from its performance last week (55%), with 7 of the 11 properties we reviewed selling and 4 passing in.
The full list of the 37 properties we reviewed this weekend:
Auctions in the Spotlight:
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