Auction clearances hang on

CoreLogic’s preliminary auction clearance rate remained steady, with 65.9% of reported auctions cleared versus 65.3% last weekend:

Melbourne’s preliminary clearance rate bounced to 73.0% from 59.8% last weekend, due to bombing volumes (and fewer withdrawals).

By contrast, Sydney’s preliminary clearance rate fell to 65.8% from 68.2% last weekend.

As noted by CoreLogic:

In Melbourne, 298 homes were scheduled for auction this week, down from 357 over the previous week and 500 this time last year. The number of auctions held across Melbourne has reduced sharply through the lockdown period, but withdrawal rates have been much lower relative to the previous lockdown period in April and early May earlier this year. The preliminary collection indicates only 18% of Melbourne auctions were withdrawn from the market this week, compared with a peak of 65% through the second week of April. Of the 244 auction results collected so far, 73.0 per cent were successful, although this will likely revise lower as the remaining auction results are collected. Last week saw a final clearance rate of 55.1 per cent recorded across the city, while this time last year, 72.3 per cent of Melbourne auctions were successful.

Sydney was host to 642 auctions this week, up from 566 over the previous week and 367 this time last year. Of the 483 auction results collected so far, 65.8 per cent have returned a successful result. Last week, a final clearance rate of 60.7 per cent was recorded, while one year ago, a success rate of 76.2 per cent was achieved across Sydney.

Domain’s auction results were softer, but based on a smaller sample size:

Hanging in there.

Leith van Onselen
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