Weekly Auction Results Steady Despite Victoria’s Enforced Lockdown

 Weekly Auction Results Steady Despite Victoria’s Enforced Lockdown

Another decent week of auction results saw a marginal increase in the number of homes going under the hammer, whilst the average clearance rate dropped ever so slightly.

Last weeks preliminary auction results released by CoreLogic showed that 1,202 homes were scheduled to go to auction, up 17 from the previous week, and up significantly on this time last year – 847.

The preliminary average clearance rate across the capital cities was 62.2%, down from the previous weeks 65.1%, which could perhaps be expected as a spike in COVID-19 cases in Victoria has brought about fresh concerns for individuals economic futures.

As usual, Sydney and Melbourne made up the bulk of the volume, with 538 and 475 auctions scheduled respectively, though both cities’ clearance rates were down on the previous week’s, with Sydney’s down 5.5% and Melbourne’s down 0.6%.

Credit: CoreLogic

As Victoria re-entered a six-week lockdown, real estate agents welcomed back online inspections and online auctions, which could suggest why 24.6% of Melbourne’s were reported as withdrawn, in comparison with Sydney’s 12.2%.

Across Australia’s other capitals, Adelaide and Canberra were the only cities to record clearance rates above 60%, whilst Brisbane’s 82 scheduled auctions returned a clearance rate of 52.8% and Perth’s 13 auctions posting a clearance rate of 37.5%.

In the regional data, Geelong’s figures supported recent reports of a thriving market after the 21 homes scheduled for auction returned a clearance rate of 90.1%.

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