SQM Research has updated its new auction series, which illustrates the epic crash in the auction market from the beginning of March.
Below are the results for Sydney:
Last week, Sydney recorded a final auction clearance rate of 28.3% from 635 scheduled auctions. 136 sold prior and 44 sold on the day of auction. 425 of the scheduled have been re-advertised as private treaty or tender. The result was up slightly on the Easter long weekend but was still the 2nd weakest result for the year.
And here’s the results for Melbourne:
Last week, Melbourne recorded a final auction clearance rate of 27.2% from 589 scheduled auctions. 125 sold prior and 35 sold on the day of auction. 400 of the scheduled auctions have been readvertised as private treaty or tender.
According to SQM, vendors are now “struggling to sell stock”:
Overall the results were once again, very weak. It should be noted that last week marked 4 weekends since the auction ban of the 25th of March was enacted. It should mean that from this point, most upcoming scheduled auctions have been booked since the ban. Therefore we might start to see a lift in the auction clearance rate from this point onwards. However I do note the rather large counts of properties that are still advertised as private treaty properties from last week. This tells me the market is struggling to sell stock.
This week there are just 84 properties scheduled for auction in Sydney and just 40 for Melbourne. No doubt Anzac Day (landing on Saturday) has reduced the numbers. It should be noted that the last time Anzac day fell on a Saturday (2015), there were 50 scheduled auctions for Sydney and 92 for Melbourne.
