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Data released by the Real Estate Institute of Victoria has shown final clearance rates remain above the 70 per cent mark across the state.
The REIV’s research has revealed that for the week ending 15 September 2019, a final clearance rate of 76 per cent was recorded. At the corresponding period last year, final clearance rates sat at 57 per cent.
“There were 735 auctions reported to the REIV, with 560 selling and 175 being passed in, 72 of those on a vendor bid,” a statement from the REIV explained.
“The REIV collected 94 per cent of auction results last week, with a total of 785 results including 26 withdrawn and 24 postponed.”
The final clearance rate result is similar to that seen over the previous three weeks.
A final clearance rate of 76 per cent was also recorded for the week ended 15 September and for the week ended 8 September.
Results were slightly up for the weeks ended 1 September and 25 August, with final clearance rates sitting at 77 per cent and 79 per cent, respectively.
Late last month, CoreLogic research analyst Cameron Kusher credited the improvement in housing market conditions as “largely being driven by a slowing rate of decline in values in Sydney and Melbourne throughout 2019 with increases over the past two months”.
According to Mr Kusher, “Melbourne is the only city where values increases occurred over the past three months”.
“It will be interesting to see if the improvement continues and whether it spreads from Sydney and Melbourne to other capital cities and regional markets,” Mr Kusher said at the time.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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