Chased-up unreported results dragging final clearance rates lower than initial highs

Both major capital city auction clearance rates continued to secure sales within the narrow band of recent weeks.

But the more comprehensive the auction results, the lower the clearance rate.

In Melbourne the Real Estate Institute of Victoria reported a weekend clearance rate of 62% on initial results.

It was up on the downwardly revised 60% success rate of the prior weekend, which had been initially reported as 63%.

There were 529 auctions reported to the REIV, with 327 selling and 202 being passed in, 128 of those on a vendor’s bid.

Some 50 results remain unreported across Melbourne.

The highest sale was $4.2 million in Fitzroy North.

Next week the REIV estimates 670 auctions will be conducted followed by 660 in a fortnight.

Sydney's clearance rate was 57.8% according to Australian Property Monitors.

The prior weekend's revised rate was given as 59.4%, which was also revised down on the initial 61.8% Saturday night clearance rate.