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With Sydney, Melbourne and Canberra all in lockdown, it’s no surprise preliminary auction clearance rates are continuing to take a hit.
Latest figures from CoreLogic revealed that auction volumes were up to 1,918 in the week ended 15 August from last week’s 1,606, although lower than the originally expected 2,139 due to a large number of auctions being postponed to a later date.
Of the results collected so far, 72.3 per cent of auctions were successful, slightly down from last week’s final clearance rate of 74 per cent.
Melbourne was still the busiest auction market over the week despite an extended lockdown, with 954 homes taken to auction — a fair percentage higher than last week’s 662, but still down by 16 per cent on the initial predicted count.
But even with the higher numbers, the Victorian capital recorded a preliminary auction clearance rate of 63 per cent — down from last week’s final results of 69.1 per cent and the lowest preliminary result of all capital cities this week. Over 31 per cent were withdrawn.
“Melbourne’s final clearance rate hasn’t dipped below 60.0 per cent since October last year, so it will be interesting to see how this week holds up as final results are collected,” CoreLogic analyst Caitlin Fono said.
Meanwhile, Sydney recorded the second-highest auction volumes at 562, but in contrast to Melbourne, the NSW capital returned a success rate of 82.9 per cent, higher than last week’s final results of 77.6 per cent. Only 11.1 per cent were withdrawn.
Looking into the smaller capitals, Canberra fell from its long-held first spot, recording a preliminary clearance rate of 81.9 per cent out of 84 auctions.
Adelaide pipped the national’s capital to the post this week with a success rate of 84.8 per cent out of 139 auctions.
Brisbane followed Canberra, with 74.6 per cent clearance rate out of 163 auctions, then Perth with 70 per cent out of 16 auctions.
Overall, only Sydney, Adelaide, Brisbane and Perth surpassed their final clearance rates from the previous week.
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