Property sellers flood the market as auction clearance rate weakens

Sellers in Melbourne have rushed in to offer an impressive 1,034 properties up for auction, even as auction rates start to ease.

The latest auction numbers from RP Data showed that only 68.8% were cleared at the auctions held during the week ending 30 May. This was a sharp decline from the mid-80s clearance rate recorded just two months ago.

Sydney's auction clearance rate also eased to 62.1%, compared to a clearance rate in the high-70s recorded eight weeks ago.

Brisbane also recorded a large number of properties listed for auction, but only achieved a 30.9% clearance rate.

City	Clearance Rate	Total Auctions	RP Data Auction Results	Sold Prior to Auction	Sold at Auction	Sold after Auction	Passed in	Withdrawn
Adelaide	63.5%	75	63	10	28	2	22	1
Brisbane	30.9%	157	136	20	16	6	83	11
Canberra	77.3%	44	22	1	15	1	5	0
Melbourne	68.8%	1034	881	116	468	22	263	12
Perth	37.1%	39	35	3	8	2	20	2
Sydney	62.1%	742	642	104	281	14	178	65
Tasmania	27.3%	17	11	2	1	0	7	1
Northern Territory	0.0%	6	6	0	0	0	5	1