Last WeekREIV downgraded the clearance rate from 52% to 50%...

Last Week

REIV downgraded the clearance rate from 52% to 50% after the Wednesday update.

There were 815 auctions expected pre-weekend, with 783 accounted for in the Wednesday result. (761 + Postponed: 5, Withdrawn: 9, Auctions with no result: 8 = 783).

Rpdata reported a clearance rate of 45.9% from 654 results, with total auctions at 757 for the week.

Rpdata results for week ending 20th November

Total sales volume was $539.62mil, and private sales were up as well: 525.

Massive week for auctions this week with 1000 auctions expected.

Here's the Auction Preview from REIV

Auction preview 26 and 27 November

Last weekend: 761 auctions, clearance rate of 50 per cent
This weekend: 1000 auctions
This weekend last year: 1101 auctions, clearance rate of 59 per cent
This weekend 2009: 1050 auctions, clearance rate of 78 per cent

This weekend is shaping up to be the busiest of the year, with around 1000 auctions expected. That is just above the previous highs this year in February, March and April, when there were four weekends with over 950 auctions each. On those weekends the clearance rate varied between 64 and 59 per cent; a similar result this weekend would reverse the trend of the last month, in which clearance rates were in the low 50s.

The most auctions this weekend are in Bentleigh East, Brunswick and Glen Iris. Each suburb has a year-to-date clearance rate in excess of the city-wide average, indicating comparatively healthy levels of demand.