Auction Markets Rising But Still Subdued Dr Andrew Wilson reports... Capital city auction markets have generally produced better results over the past week, although most markets continue to report subdued conditions. The national weekend auction market reported an average clearance rate of 50.3% over the past week, which was again higher than the 48.4% reported over the previous week but again well below the 72.9% reported over the same week last year. Auction markets continue to show early signs of a pre-spring selling revival typical of August - but from a low base, with all eyes now shifting to the RBA decision on interest rates this coming week. Sydney Auction Clearance Rate Lower Again   Sydney’s auction clearance rate was lower again over the past week with auction numbers a little higher. Sydney recorded a clearance rate of 54.4% over the past week, which was a little below the 55.2% recorded over the previous week but again significantly lower than the strong 77.6% reported over the same week last year. Auction numbers were slightly higher, with 520 homes reported as listed versus the 510 auctioned over the previous week, but again well below the 726 reported over the same week last year. Melbourne Clearance Rate Continues to Rise Melbourne again reported a higher auction clearance rate over the past week and now the highest reported since March. Melbourne recorded a clearance rate of 64.2% over the past week which was again higher than the 62.4% recorded over the previous week but remained well below the 75.2% reported over the same week last year.

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