Last weekends clearance rate was adjusted from 57% to 55%.
670 auctions were expected pre weekend, with 654 accounted for in the wednesday result. (ie. 639 + Postponed: 4, Withdrawn: 9, Auctions with no result: 2 = 654). Rpdata gave total auctions at 674 for the week.
Total sales volume was similar to last weekend $520.23mil ($515mil previous week) with 556 private sales (559 previous week).
Big weekend ahead with 740 auctions. Here's the weekend preview from REIV:
Auction preview 24 and 25 September
*Last weekend: 639 auctions, clearance rate of 55 per cent *This weekend: 740 auctions *This weekend last year: 65 auctions *This weekend 2009: 136 auctions, clearance rate of 87 per cent
There has been a lot of discussion about the stock levels at auction and with a three-month high in the number of auctions expected this weekend - 740 - it is timely to compare September with the past few years.
The volume of auctions in September this year is around three per cent - about 20 auctions per-week - lower than the average listings over the previous five years. Due to the timing of the AFL Grand Final, auction numbers in the first week of October are included in the figures for September used here. This ensures that the data can be compared with previous years.
The highest September auction figures in the last five years were 3,312 in 2007; the lowest were 2,251 in 2008. This year the REIV expects 2,591 auctions to be held.
This indicates that current stock levels are not low by historical standards.
