Auction Clearance Rates - 6th & 7th February
The auction market picked up where it left off last year with a clearance rate of 83% from the 161 reported auctions today. Buyers have not been dissuaded from strong bidding by the three interest rate rises last year nor the expectation that more will come this year. The reduction in financial assistance to first home buyers on 31 December does not appear to have had a negative impact either at this point, especially as population growth brings more buyers to the market, more than compensating for the fewer first home buyers. There were 161 auctions reported today of which 134 sold and 27 were passed in, 17 of those passed in on a vendors bid. The REIV expects just over 350 auctions next weekend.
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