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Melbourne’s stage 3 lockdown is likely to see more auctions being withdrawn from the market than normal.
According to CoreLogic, there were 1,167 homes scheduled for auction across the combined capital cities this week, down from 1,269 over the previous week. This, however, is higher than the corresponding period last year, where 896 auctions were scheduled.
Of the 938 results that have been reported so far, 59.2 per cent were successful, up from last week’s final clearance rate of 56.2 per cent, and lower than this time last year (65.4 per cent), CoreLogic said.
Looking at Melbourne, there were 499 auctions scheduled for the week. Preliminary results show that of the 413 results collected so far, 47.5 per cent were successful while 43.6 per cent were reported as withdrawn.
“With restrictions in place across Melbourne for another four weeks, we are likely to see more auctions being withdrawn from the market than normal, which will drag the clearance rate lower,” CoreLogic said.
“Excluding withdrawn auctions from the clearance rate calculation, and focusing purely on those auctions that proceeded, shows a much higher 84 per cent ‘adjusted’ preliminary clearance rate, with the majority of these (55 per cent) selling prior to the auction rather than under the hammer or post-event.”
Meanwhile, Sydney saw 512 homes scheduled to go under the hammer. This is down from the 566 a week prior but higher than the same time last year when 303 homes went to auction.
“Of the 411 auction results collected so far, 68.9 per cent were successful, although this will revise lower as the remaining results are collected. In comparison, the previous week reported a final clearance rate of 61.8 per cent, while a clearance rate of 72.8 per cent was recorded this time last year,” CoreLogic said.
“Across the smaller capitals, Canberra recorded a preliminary clearance rate of 90.6 per cent, followed by Adelaide at 64.3 per cent. Brisbane reported a preliminary clearance rate of 59.1 cent, while Perth had a 40.0 per cent success rate although volumes were low.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
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