The clearance rate was adjusted from 54% to 50% after the Wednesday update.
There were 445 auctions expected pre-weekend, with 441 accounted for in the Wednesday result. (417 + Postponed: 6, Withdrawn: 10, Auctions with no result: 8 = 441). Rpdata gave total auctions at 443 for the week.
Total sales volume was obviously down with the cup weekend: $396.02mil in comparison to last week ($608.26mil), but private sales were relatively unchanged: 516 (532 week prior).
The cup day rate drop should boost confidence, however there is a swag of stock on the market. I don't know which way it will go but I'm watching with interest.
Here's the preview from REIV.
Auction preview 5 and 6 November
*Last weekend: 417 auctions, clearance rate of 50 per cent *This weekend: 595 auctions *This weekend last year: 704 auctions, clearance rate of 59 per cent *This weekend 2009: 524 auctions, clearance rate of 81 per cent
There is a small increase in the number of homes on offer at auction this weekend and this will be repeated next weekend.
Reviewing the levels of demand on a regional basis shows that the inner eastern suburbs, where the clearance rate is 65 per cent, continue to outperform the northern and western suburbs, where the clearance rate is around 50 per cent. Clearance rates in the inner, north eastern and outer east are around 60 per cent.
Whilst buyers will welcome the reduction in interest rates it is not expected to have a significant impact until 2012.
